M&M

M&M launches new tractor under Swaraj brand News: In a regulatory exchange filing, the company informed exchanges about the launch of new compact light weight tractor Swaraj Target 630 under Swaraj brand in 24Hp category at a price of | 5.35 lakh (ex-showroom) in Maharashtra & Karnataka. The company also informed about roping in ace cricketer and World Cup champion Mahendra Singh Dhoni as the brand ambassador for the same Our view: This is in line with the company’s guidance in the recent conference call about launching new light weight tractor platform under Swaraj brand of tractors aimed at strengthening company position in lower Hp segment. These tractors will feature new tech enabled features like Digital Instrument cluster, balanced power steering and promote ease of use of farm implements among others. The company will reveal its second low Hp tractor Swaraj Target 625 in due course of time. Currently the market share of M&M in tractor space is pegged at 41.2% (FY23). Further reports also indicate the company’s aspiration to capture ~30% market share in lower Hp segment with industry size of ~50,000 units per annum