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Reliance Securities retains buy on M&M, target price Rs 650

Buy Mahindra & Mahindra Ltd. at a price target of Rs 650.0 .|
Updated: Oct 16, 2019, 08.06 AM IST
Reliance Securities has retained buy rating on Mahindra & Mahindra in the long term with a target price of Rs 650. Shares of M&M ended up 2.8% at Rs 584.60 on Tuesday while the BSE Sensex closed 291.62 points up at 38,506.09.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 26041.02 crore, down -4.12% from last quarter sales of Rs 27158.77 crore and down -.08% from last year same quarter sales of Rs 26061.51 crore. The company has reported net profit after tax of Rs 607.08 crore in the latest quarter.

Investment Rationale

The brokerage expects M&M to continue gaining market shares in LCVs and tractors on the back of strong product portfolio, though it would face challenges in UV space. Success of XUV300 would drive M&M’s UV volume and profitability, said Reliance Securities. The company plans to focus on new technology and EV platform.

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