The stock has been among the biggest gainers in the recent surge in auto shares. From a low of Rs 358.70 on November 2 2005, the stock has jumped more than 25 per cent in the past three weeks or so to the current Rs 451.60.
Strong financial performance the bullish outlook on the auto sector has led to renewed buying interest at the counter. For the September quarter, M&M registered a 28 per cent growth in net profit to Rs 157.21 crore. Revenues rose 23 per cent to Rs 1914.81 crore.
| What to expect this week
According to analysts, market sentiments are likely to be optimistic as FII interest in India is expected to continue. FIIs have shown renewed confidence on India's growth story infusing Rs 3338 crore in November as against net outflows of Rs 3693 crore in October 2005. Uncertainty over the direction of interest rates and softening of oil prices are expected to further add to the bullish sentiments. |
