M&M hits new high; rallies 12% in three days on healthy demand prospects

While the outlook for tractors has improved, analysts expect the auto business to be the key growth driver over the next couple of years.

Shares of Mahindra & Mahindra (M&M) hit a fresh record high of Rs 1,035.90, up 4 per cent on the BSE in Tuesday’s intra-day trade, after it surged 12 per cent in three days, on strong demand outlook.

Most of the brokerages retain ‘buy’ rating on M&M with target price in the range of Rs 1,150 to Rs 1,200 per share, amid healthy demand prospects across the company’s product profile and its focus towards capital efficiency and electric vehicle (EV) proactiveness.

M&M became the number one player in the SUV revenue market share in Q4 and H2FY22, whereas,