Industrialist Anand Mahindra recalled the advice of former President Dr APJ Abdul Kalam after shares of Mahindra & Mahindra (M&M) Limited touched a new 52-week high of Rs 1,006.7, on Monday. In a tweet, Mahindra narrated how Dr Kalam’s advice had helped him in keeping his team motivated after the slump in the company’s share prices in 2019. “In 2019, M&M’s share price had fallen sharply from its all-time high of Rs 984," Mahindra tweeted while adding that he had used Dr Kalam’s advice during the company’s annual leadership conference of that year.
Mahindra wrote that Dr Kalam, while inaugurating the Mahindra Research Valley in 2012, had asked him to “Take the Hill, i.e, dare to dream.”
Anand Mahindra asked his team to ‘take the hill’ after the 2019 share slump and set the target of getting the prices back up by the 75th anniversary of Mahindra and Mahindra. While the deadline was initially missed, a year later, Mahindra & Mahindra’s shares touched an all-time high on Monday.
Congratulating his team on the feat, the billionaire lauded Mahindra Group’s MD & CEO Anish Shah and Mahindra Auto’s Executive Director- Rajesh Jejurikar, for taking the company to the hill again.
The deadline of the 75th anniversary was missed. But by only a year.The new leadership team took up the baton & today our stock closed at the round number of ₹1000-a new high. I thank & salute @anishshah21 & @rajesh664 & all their colleagues who have ‘Taken the Hill’ again (3/3 pic.twitter.com/X5WaCil8CH— anand mahindra (@anandmahindra) May 30, 2022
Continuing its gains from the previous day, Mahindra & Mahindra’s share prices rallied over 3 per cent in the early trade today.
On Monday, Mahindra and Mahindra’s share price on BSE rose 4.30 per cent or 41 points to Rs 994.20. On the NSE, the share price went up by 4.41 per cent or 42.05 points.
Mahindra & Mahindra’s share prices have jumped nearly 25 per cent in 2021 whereas the auto stocks have also recorded a 10 per cent growth in the last five trading sessions.
The spike in M&M share prices comes in the backdrop of the company reporting a five-fold jump in standalone profit at Rs 1,192 crore for the quarter ending on March 31. Mahindra Group reported a 28 per cent jump in its revenue compared to the corresponding quarter of last year. From Rs 13,356 crore in the March quarter of 2020-21, the company’s revenue has now scaled up to Rs 17,124 crore.
The company, however, witnessed a slight dip in its earnings before interest, tax, depreciation and amortization (EBITDA) in the March quarter.