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      M&M moves north on brokerage rating

      MoM Team / Mumbai, Apr 25, 2017 02:44 PM IST

        M&M moves north on brokerage rating

        Mahindra & Mahindra rose 3.4 percent to Rs 1,307 on BSE on reports that a foreign brokerage has upgraded the stock to outperform from neutral with increased target price.

        Meanwhile, the S&P BSE Sensex was up 255.32 points or 0.86 percent at 29,911.16.

        On the BSE, 15.34 lakh shares were traded on the counter so far as against the average daily volumes of 1.46 lakh shares in the past one quarter. The stock had hit a high of Rs 1,310 and a low of Rs 1,279.05 so far during the day.

        The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016. It had underperformed the market over the past one month till 24 April 2017, sliding 0.9 percent compared with the Sensex's 0.8 percent rise. The scrip had also underperformed the market over the past one quarter, gaining 3.65 percent as against the Sensex's 8.33 percent rise.

        As per reports, the brokerage has upgraded Mahindra & Mahindra (M&M) stock to outperform from neutral with increased target price at Rs 1,500 from Rs 1,390 earlier. The brokerage house cited potential for M&M's tractor business that will surprise positively going ahead.

        Reports suggested that the brokerage believes with number of state governments planning to introduce farm loan waivers, tractor demand could get further boost. The brokerage added that weakness in utility vehicle market already factored in by M&M.

        M&M's net profit rose 33.3 percent to Rs 1112.27 crore on 0.3 percent decline in net sales to Rs 10860.05 crore in Q3 December 2016 over Q3 December 2015.

        M&M enjoys a leadership position in tractors and utility vehicles in India.


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      Source: Capital Market


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