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Market Update

Hero and M&M Vehicles Sales in India Drop, TVS Sales Rise

Author: Mukesh Buch
Last Update: 7:04 AM ET March 03 2015

6:00 PM Mumbai Hero MotoCorp said total two-wheeler sales in February fell 4%. M&M tractor sales plunged 35% and auto sales dropped 10%. Sun Pharma plans to acquire GlaxoSmithKline''s opiates business in Australia. TVS Motor total sales jumped 15%.

Stocks in Mumbai traded in tight range and rupee was firm after investors digested more details on infrastructure spending plans in the central government budget.

In addition, motorcycle maker Hero MotoCorp reported February sales declined but sales at TVS Motor rose. M&M said tractor sales plunged 38% in the last month and auto sales declined 10%.

Indian rupee closed at 61.91 against one dollar.

The Sensex Index jumped 134.59 or 0.5% to close at 29,593.73. The CNX Nifty increased 39.50 or 0.4% to 8,996.25.

Gainers & Losers

Hero MotoCorp Limited added 0.5% to ₹2,636.95 after the largest motorcycle maker said February total sales fell 3.85% to 484,769 units compared to 504,181 units in the same period last year.

Mahindra & Mahindra Limited slipped 3.3% to ₹1,235.85 after the automaker said February total tractor sales plunged 34.9% to 11,437 units compared to the same period a year ago.

Domestic sales tumbled 38% to 10,267 units but exports jumped 13% to 1,170 units compared to the same period last year.

The company also added auto sales dropped 9.8% to 38,033 units and domestic sales fell 11.23% to 34,918 units while exports rose 10% to 3,115 units compared to in the same period last year.

Ramco Systems Ltd soared 9.2% to ₹682.75 after the consulting service provider won a contract from Vietnam-based Southern Vietnam Helicopter Company.

Sun Pharmaceutical Industries Ltd advanced 2% to ₹942.40 after the largest generic drug maker plans to acquire GlaxoSmithKline''s opiates business in Australia.

Titan Company Limited rose 0.9% to ₹415.65 and the watches and accessories maker started production of stainless steel cases at its new manufacturing unit in Coimbatore.

TVS Motor Company Limited climbed 7.5% to ₹293.20 after the automobile maker said total sales in February jumped 15% to 204,565 units compared to 177,662 units in the same period a year ago.

The company said total exports grew by 35% to 38,725 units and total two-wheeler sales increased by 15% to 195,509 units compared to a year ago period.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc