Mahindra & Mahindra (M&M) rose 3.23% to Rs 1117.05, extending gains for the fourth trading session.
Shares of M&M have risen 13.54% in four trading sessions. In the past one year, the stock has surged 40.78% while the benchmark Sensex has risen 0.17% during the same period.On the technical front, the stock's daily RSI (relative strength index) stood at 71.97. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 962.43, 885.30 and 868.54, respectively. These levels will act as crucial resistance zones in near term.
M&M on Monday (27 June 2022) launched its much-awaited SUV - the All-New 'Scorpio-N' - starting at Rs 11.99 lakh. Bookings for the All-New Scorpio-N will open online and simultaneously at Mahindra dealerships on 30th July 2022, 11.00 AM onwards.
The development and engineering of the All-New Scorpio-N is the outcome of an overall investment of Rs 1,600 crore which includes setting up of a highly automated manufacturing line.
Separately, the media reported that a foreign research house kept an overweight rating on the stock with a target of Rs 1,198. The view was supported by SUV business turnaround and relatively cheap multiples.
M&M enjoys a leadership position in farm equipment and utility vehicles in India and is the world's largest tractor company by volume. It offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles, and tractors, to electric vehicles, two-wheelers, and construction equipment.
On a consolidated basis, M&M's net profit (continuing operations) surged 48% to Rs 2,237 crore on a 21% increase in revenue to Rs 25,934 crore in Q4 FY22 over Q4 FY21.
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