Mahindra and Mahindra’s share price went up over 5% on Monday to hit an intraday high of ₹1,350.

What Happened: The surge in the stock comes as the company’s earnings for the quarter ended March were mostly in line with street estimates. The company's standalone revenue from operations stood at ₹22,571.37 crore, up 31% from the year-ago period. Net profits for the January-March period came in at ₹1,548.97 crore, up 22% from the ₹1,268.55 crore profits it reported in the year-ago period. 

The company’s earnings for the quarter received mostly positive reviews from analysts across the board. Goldman Sachs maintained its ‘buy’ rating for the stock with a price target of ₹1,530. The firm said that the company’s Q4 numbers were in line and the auto business was outgrowing its peers.

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Macquarie also maintained its ‘outperform’ rating for the stock with a target price of ₹1,536. The firm said that the company’s Q4 earnings slightly beat its estimates. Global brokerage firm CLSA also maintained its ‘buy’ rating for the stock with a price target of ₹1,700 – an over 30% upside from the stock’s last closing price of ₹1,281.85.

Domestic brokerage firm ICICI Securities also maintained its ‘buy’ rating on the stock and increased its price target to ₹1,478 from ₹1,386.

Price Action: M&M’s share price was up 3.59% to trade at ₹1,327.90 in the early hours of trading on Monday.

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