India's Mahindra and Mahindra rises after CLSA maintains 'outperform' rating
** Shares of automaker Mahindra and Mahindra MAHM.NS up 3.5% at 2,945.65 rupees
** Stock top pct gainer on both Nifty auto index .NIFTYAUTO and Nifty 50 .NSEI which are up 2.2% and 1.4% respectively
** CLSA maintains "outperform" rating with PT at 3,440 rupees - an upside of 20.8% from last close
** Says MAHM's transition from low-end sports utility vehicles to mid and premium to drive key value growth
** According to CLSA, MAHM CEO (auto and farm sector) Rajesh Jejurikar said the company will launch multiple EVs in the next 12 months and share of electric SUVs is set to increase significantly in the domestic market in next couple of years
** 'Thar' SUV has seen significant success, growing from about 700 to over 6,000 units sold per month, with further sales potential following launch of 5-door version, he said
** Analysts' avg recommendation on MAHM is "buy", same as Maruti Suzuki MRTI.NS and Tata Motors TAMO.NS - LSEG data
Reporting by Meenakshi Maidas in Bengaluru
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
