Nifty Auto Surges Over 1.5% After M&M Reports 7% Surge In Q1 Net Profit

Nifty Auto surged 1.78% to 28,321.60 after Mahindra & Mahindra (M&M) posted a 7% rise in Q1 net profit to Rs 3,685 crore.

M&M's quarterly revenue rose 23% to Rs 41,920 crore, driven by strong demand for its Scorpio and Thar SUVs.

M&M plans to increase ICE SUV production to 70,000 units per month by end of FY27 and EV capacity to 12,000 units per month.

The company's SUV revenue market share rose 50 bps QoQ and LCV volume market share gained 150 bps QoQ.

M&M shares closed 1.92% higher at Rs 3,283.70 on July 30.