India’s top utility vehicle manufacturer Mahindra & Mahindra is aiming for double-digit sales growth in the existing fiscal 2008-09.

Mr. Pawan Goenka, president of the firm's automotive sector, said, “We certainly expect a growth, not a de-growth. We are trying for double digits.”

Mahindra & Mahindra (M&M), a part of the USD 6.7 billion Mahindra Group, is said to be in talks with Swaraj Mazda (SML) to sell its 14.04% stake to Japan’s Sumitomo Corporation.

Moreover, the company’s (M&M) sales augmented 5.15 percent to 19,211 vehicles during the last month (August 2008) including exports, as compared to 18,269 vehicles sold during August 2007 including exports.

In August 2008, M&M exported 890 units, as against 831 units in August 2007.

The company’s domestic volumes during the same period increased 5.06% at 18,321 units, as against 17,438 units in August 2007.

The company’s tractor sales for the month of August 2008 stood at 7,000 units as compared to 6,011 units for the same period last year, recording a growth of 16.45%.

The company’s shares, on Tuesday (Sep 02), ended at Rs 587.10 after gaining Rs 14.25 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE stood at 30678. Current EPS & P/E ratio stood at 43.60 and 13.47 respectively. The share price has seen a 52-week high of Rs 872 and a low of Rs 430 on BSE.