August 21, 2012 / 8:37 AM / 5 years ago

M&M gains on improved rainfalls

An employee works at an assembly line at plant of Indian automaker Mahindra and Mahindra in Chakan, around 160 km (99 miles) from Mumbai March 13, 2010.Arko Datta/Files

Reuters Market Eye - Tractor maker Mahindra & Mahindra(MAHM.NS) shares gain 1.1 percent as heavy rains hit some of the parched parts of the country, easing fears of a repeat of the widespread drought that gripped three years ago.

Mahindra & Mahindra shares also continue to benefit after April-June earnings earlier this month showed strong demand for its utility vehicles, helping offset some of the concerns about tractor sales.

Despite fear of a drought during the monsoon season, Mahindra & Mahindra shares have surged 19.25 percent since June 1, compared with a 10.8 percent gain in the Nifty during the same period.

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