M&M extends rally for third day; co to invest Rs 100 crore in Telangana

NEW DELHI: Shares of Mahindra & Mahindra (M&M) extended gains for the third straight session on Wednesday after the company on Tuesday said it will manufacture its new tractor series K2 exclusively at its Zaheerabad facility in Telangana, where it will bring incremental investments of Rs 100 crore and double employment in the plant by 2024.

The new K2 series is Mahindra’s most ambitious light-weight tractor programme. It has four platforms and the company will introduce 37 models in various horsepower (HP) ratings for domestic and international markets, including the US, Japan and South East Asia, M&M said in a regulatory filing.

The scrip has jumped nearly 13 per cent to an intraday high of Rs 709.80 on November 18 from Rs 629.65 on November 13.

The new tractor series has been developed through close collaboration between the engineering teams from Mitsubishi Mahindra Agricultural Machinery of Japan and Mahindra Research Valley, India.

“The new series will enable Mahindra to introduce products across four new tractor platforms, in the sub-compact, compact, small utility and large utility tractor categories, covering 37 models across various HP points," it said.

M&M Executive Director, Automotive & Farm Equipment Sector, Rajesh Jejurikar, said the K2 series project is focused on diversity and scalability to meet the varied expectations and different regional requirements of customers and markets across the world.