This Nifty 50 Stock Hits Fresh Record High; Tops Index With 1-Yr. Return Of 65%

Mahindra and Mahindra stock in trade on August 30, 2022 has ticked a fresh all time high of Rs. 1307 per share on the NSE, gaining over 2% intra-day. The stock last closed at Rs. 1276.8.

The Nifty 50 index constituent has also topped the index on a 1-year return front with gains to the tune of 65%. Notably, the stock this year hit its 52-week low of Rs. 671.15 per share on March 8 and from that level it has gained phenomenally so far.

As for the latest trigger in the company's stock price performance, the 4-wheeler auto major in a regulatory filing informed about the launch of new E-3W "Zor Grand" at ex-showroom price of | 3.6 lakh (ex-showroom Bangalore). It wouldhave battery (Li-On) capacity of 12 KwH and range of ~>=100 kms on single charge. Zor Grand comes with the NEMO connected vehicle platform for fleet management and better operational efficiency as well as an all- digital instrument cluster. The vehicle comes
with five years/150000 km battery warranty.

On the news brokerage firm ICICI Direct is bullish on the scrip and if of the view that "This come as a positive development as the
company enjoys >70% market share in E- 3W segment (passenger space) with cargo place now in focus with this launch. Also
M&M has already banged 12000+ bookings of the Zor Grand through strategic MoU with logistic companies like Mahindra Logistics,
Magenta EV Solutions, MoEVing, EVnow,nYelo EV, Zyngo and more. The company has claimed savings up to Rs 6 lakh in ownership
costs in five years vs. diesel powered vehicle and up to Rs. 3 lakh vs. CNG powered cargo 3-W. This launch will further help M&M
consolidate its leadership position in the E-b3W space.

M&M is a large cap auto major engaged in the manufacturing of passenger cars, commercial vehicles and tractors.