Mahindra & Mahindra Shares Hit Fresh Lifetime High; Brokerages Bet For Up To 17% More Upside

Shares of Mahindra & Mahindra (M&M) in trade on June 28, 2022 hit a fresh life time high of Rs. 1121.45 apiece on the NSE, logging 3.58% gains over the previous close. The stock is in bullish zone for some time and is in fact the only Nifty 50 stock in trade today to hit a fresh 52-week high.

The gains in the stock are triggered after the company on Monday unveiled new Scorpio-N in both domestic as well as overseas markets.

Brokerages' view on Mahindra and Mahindra and its shares

Morgan Stanley The global research firm has maintained an overweight rating on the stock with a target price of Rs. 1198. As per the CNBC TV 18 report, several new launches in the SUV segment underlines OEMs focus on SUV, while passenger vehicles shall continue to drive recovery in the auto space.

Nomura

Nomura is bullish on the counter and has given it a 'Buy' rating with a target of Rs. 1308. This given the current price of Rs. 1113 offers an upside potential of over 17%. As per Nomura, the new Scorpio N should further help in the re-modelling of the company. There is potential to incrementally add 10-15% upside to overall FY23-24 utility vehicle volumes, added the CNBC TV 18 report.

All New Scorpio-N SUV

As per the company filing with the exchange, the new product launched i.e. the All New Scorpio-N is classified as SUV/PV. Further, the Company is unveiling the Scorpio-N in South Africa and Nepal simultaneously. Additionally, the Company intends to introduce this product in Australia and NZ shortly.

As for now, the company has announced just the pricing of the manual transmission variants with a starting price of Rs. 11.99 lakh and going up to Rs. 19.49 lakh.