Mahindra & Mahindra shares rises 10?ter announcement of manufacturing new tractor K2 series
Shares of Mahindra & Mahindra (M&M) jumped 10 percent to hit their upper price band and a 52-week high of Rs 700.75 on BSE in intraday trade on November 18.
The stock gained traction after the company 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 program. 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.