Shares of Mahindra and Mahindra were up racing on Friday after brokerages maintained bullish calls as the company rolled out the five-door Thar Roxx.
What Happened: Mahindra and Mahindra announced the launch of Thar Roxx starting at ₹12.99 lakh. The company will start test drives for Roxx on September 14 and the booking for the car will start from October 3.
The delivery of Roxx will start from Dusshera (October 12), the company said in its press release. Mahindra said it has invested ₹1,100 crore for the car's development.
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Brokerage Views: Nomura maintained a "buy" call with a target price of ₹3,417. The brokerage said the model can redefine urban SUVs. Roxx could have sales of up to 8,000 to 10,000 units per month, the research firm added. The brokerage firm expects a strong initial response with 50,000 bookings on the first day.
Morgan Stanley also maintained an "overweight" call with a target price of ₹3,304. The company has shown good success with its past launches, the brokerage said and it also found the Five Door Thar impressive. The research firm expects the three and five-door variants to collectively clock 8,000 to 9,000 units per month. The brokerage sees a strong jump in sales in the coming months due to the festival season and maintained its view that Mahindra will be the fastest-growing passenger vehicle company.
Price Action: Shares of Mahindra and Mahindra rose 3.02% to ₹2,828.25 on Friday morning.
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