This automotive giant is trading at a fresh 52-week high on June 28
The stock has appreciated more than 48% in the last 3 months.
Markets are trading in the red today. S&P BSE Sensex is 0.43% down at 11:30 pm on June 28 and trading at 52930, whereas, NIFTY50 remains 0.41% in negative. All sectors are beaten down, except Energy, Auto, and Metals. Asian Paints and Titan are the top losers in NIFTY50, while Mahindra & Mahindra remain the top gainer with 2.73% gain.
M&M has been one of the top performers in the past 3 months, with the stock appreciating more than 48%. While S&P BSE Sensex fell more than 8% in the same period. The stock has continued to gain momentum today as well and has made a fresh 52-week high today on June 28.
The company is trending among investors as the market is projecting a strong business outlook for the company. The automotive giant is focused on introducing 17 new EV products to the market, including SUVs and other LCVs (Light Commerical Vehicle).
However, the fresh news which helped the stock to rise today is about the company launching the all-new Scorpio-N car in the SUV segment. The all-new Scorpio-N is the lowest CO2 emitting vehicle in the SUV segment. The company has made the car available at Rs 11.99 lakh ex-showroom price.
The company is receiving robust demand for their products. One of the flagship products of the company, SUV 700, has a waiting period of almost 22 months.
Various brokerages like Nomura and CLSA are expecting an increase in volume for the company as the company is offering high value features in their cars at a lower price compared to its peers. Nomura anticipates volume growth of 10-15% for the utility vehicle segment of the company.
M&M has been successful in increasing its utility vehicle segment’s market share from 13% in 2021 to 17% in June 2022.
At 11:30 am, on June 28, the stock is trading at Rs 1111.5. The stock is expected to be in momentum for the rest of the day.
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