Mahindra and Mahindra (M&M) share price rose 3 percent intraday on May 20. The stock was the top gainer on BSE Sensex even as the BSE Auto index traded flat.
At 12:02 IST, the Sensex was down 17.23 points or 0.03% at 49885.41, and the Nifty was down 25.70 points or 0.17% at 15004.50. BSE Auto was down 0.18%, while Mahindra and Mahindra was quoting at Rs 796.75, up Rs 11.95, or 1.52 percent.
CLSA has maintained a buy rating on the stock but cut the target price to Rs 1,060 from Rs 1,150 per share. The Brokerage also cut FY22/23 core EPS by 13%/9%.
It expects weak tractor volumes in FY22 and delay in new SUV launches, however, the underlying macro fundamentals are strong for a rebound in H2FY22 & FY23
The company in a release said that with the rampant spread of the second Wave of COVID-19 and lockdowns enforced in various parts of the country coupled with disruption in the supply of oxygen for industrial use, demand and supply for vehicles and tractors is expected to be impacted temporarily.
The estimated sales volume for the quarter ending June 2021 will be lower by 15-20% as compared to Q4F21, the company said.
Earlier this month, Mahindra Group announced the setting up of Mahindra Advanced Design Europe (M.A.D.E) in the West Midlands, UK
The company’s overall auto sales (passenger vehicles+ commercial vehicles+ exports) for the month of April 2021 stood at 36,437 vehicles.

You may also like

Unbeatable Football is what they’re calling it at SuperSport and it’s easy to see why with the new season laced with rivalries, tension, tradition and more storylines than your favourite Hollywood thriller.

{“slug”:”football”,”name”:”Football”,”menu”:[],”topics”:[{“group_name”:”South Africa”,”topics”:[{“name”:”MTN8″,”slug”:”mtn8″,”parent_slug”:”mtn8″,”uri”:null,”hidden_tabs”:[“logs”]},{“name”:”DStv Premiership”,”slug”:”dstv-premiership”,”parent_slug”:”dstv-premiership”,”uri”:null,”hidden_tabs”:[]},{“name”:”GladAfrica Championship”,”slug”:”national-first-division”,”parent_slug”:”national-first-division”,”uri”:null,”hidden_tabs”:[“scorers”]},{“name”:”Bafana”,”slug”:”bafana”,”parent_slug”:”bafana”,”uri”:null,”hidden_tabs”:[“logs”,”top-scorers”]},{“name”:”DStv Diski Challenge Rewired”,”slug”:”dstv-diski-challenge”,”parent_slug”:”dstv-diski-challenge”,”uri”:null,”hidden_tabs”:[“top-scorers”]},{“name”:”Nedbank Cup”,”slug”:”nedbank-cup”,”parent_slug”:”nedbank-cup”,”uri”:null,”hidden_tabs”:[“logs”]},{“name”:”Carling Black Label Cup”,”slug”:”carling-black-label-cup”,”parent_slug”:”carling-black-label-cup”,”uri”:null,”hidden_tabs”:[“logs”,”top-scorers”]}]},{“group_name”:”Europe”,”topics”:[{“name”:”English Community Shield”,”slug”:”community-shield”,”parent_slug”:”community-shield”,”uri”:null,”hidden_tabs”:[“logs”,”top-scorers”]},{“name”:”UEFA Super Cup”,”slug”:”uefa-super-cup”,”parent_slug”:”uefa-super-cup”,”uri”:null,”hidden_tabs”:[“top-scorers”,”logs”]},{“name”:”English Championship”,”slug”:”english-championship”,”parent_slug”:”english-championship”,”uri”:null,”hidden_tabs”:[“top-scorers”]},{“name”:”Premier League”,”slug”:”premier-league”,”parent_slug”:”premier-league”,”uri”:null,”hidden_tabs”:[]},{“name”:”French Ligue 1″,”slug”:”france”,”parent_slug”:”france”,”uri”:null,”hidden_tabs”:[]},{“name”:”Italy Serie...