Auto major Mahindra & Mahindra's market cap breached ₹3.5 lakh crore mark on Friday, making it the 18th largest company listed on the National Stock Exchange.
What Happened: Mahindra and Mahindra's shares raced to all time high of ₹2,946 in the trading session on the Mahindra group's investor day. During the trading session, the company also briefly surpassed Tata Motors as the second most valuable auto company in India behind Maruti Suzuki. The company”s market cap in the afternoon stood at ₹3.64 lakh crore.
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The auto major in its investor day presentation said it is looking to introduce 6 new SUVs by 2030 and launch 23 models. The company also said it is planning to roll out a capex of ₹27,000 crore between FY25 and FY27.
In the month of May, the company sold 71,682 vehicles increasing by 16.71% from the previous year.
The company in its March quarter results announced a 31.5% increase in net profit to ₹2,038.21 crore while revenue jumped 11% to ₹25,108 crore. Jefferies upgraded the stock to "buy" with a target price of ₹2,910 citing the growing SUV portfolio of the company.
Morgan Stanley maintained an "overweight" stance with a target price of ₹2,665 as they see the company to be the fastest-growing passenger vehicle maker for the year ending March 2025.
Price Action: Mahindra & Mahindra shares surged 2.52% to ₹2,933.85 in the afternoon session. In the year so far, the stock had gained over 72%.
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