M&M stock hits all time high on hopes of strong domestic demand
Published On: Monday, June 27, 2022 | By: Team KnowMyStock
Shares of Mahindra & Mahindra hit a new high of Rs 1,095, up 2.3 percent on the BSE in Monday’s trade, and outperformed the market on a strong business outlook. In the past week, the stock rallied 12 percent, With this, M&M has zoomed 63 percent over three and a half months. Earlier, the stock had hit a 52-week low of Rs 671 on March 8, 2022.M&M is a conglomerate with a presence in auto, IT, financial services, logistics, hospitality, and real estate among others. At a standalone level, it is India’s largest tractor manufacturer with around 40 percent market share in FY22 and the second-largest commercial vehicle (CV) maker. The management said the company is witnessing strong bookings and have a robust pipeline. We announced the launch of Scorpio-N, which is generating very high-interest levels and promises to be yet another blockbuster from Mahindra. The company’s commercial vehicles have also registered strong growth across segments. .
Indian OEMs such as M&M and Tata Motors have been able to woo the Indian consumer who is getting more conscious of the quality of vehicles being offered, Philip Capital said, adding that this can be witnessed from the relative success of vehicles with higher safety ratings. Management remains focussed on creating a diversified EV portfolio with 17 new products (FY24 onwards) including LCVs/3Ws other than SUVs and the company is also open to value unlocking in the EV space by getting a strategic partner to invest, ICIC Securities said in its report.
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