Mahindra SUV
Mahindra & Mahindra market capREUTERS/Saumya Khandelwal

Riding on a sharp increase in share prices, automaker Mahindra and Mahindra Limited (M&M) has joined the Rs 1 trillion market cap club of companies Tuesday on the BSE (Bombay Stock Exchange).

According to BSE data, with a market cap of Rs 1.01 trillion, M&M was spotted at the 30th position in overall market-cap ranking in the morning trade Tuesday.

Currently, Mahindra & Mahindra Ltd is bigger than the Tata group's carmaker Tata Motors, Eicher Motors Ltd and Bajaj Auto Ltd in terms of market capitalization.

In the BSE M&M stock opened at Rs 815, then and touched it's all-time high level of Rs 819.10, up 2.23 percent over its previous closing price of Rs 801.2.

In the NSE, the stock opened at Rs 816, then jumped 2.16 percent to Rs 818.80, its 52-week high level in morning trade. On Monday the stock closed at Rs 801.45 in NSE.

M&M also became the second most valued automaker in India. Maruti Suzuki India Ltd tops as nation's most valuable automaker with a market cap of Rs 2.77 trillion.

At 2.30 PM M&M shares are trading at Rs 808.35 in BSE and Rs 807.95 in the NSE.

Following the increase in market cap, M&M has joined the ranks of Ultra Tech Cement, Power Grid Corporation, and IndusInd Bank, reports PTI.

M&M is an Indian multinational auto company with a range of diversified products. Passenger Vehicles (PV), Commercial Vehicles (CV), three-wheelers, two-wheelers and farm equipment are there in its portfolio.