Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,018.40-24.8
Stock Analysis, IPO, Mutual Funds, Bonds & More

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

Buy Mahindra & Mahindra Ltd. at a price target of Rs 650.0 .

ETMarkets.com|
Updated: Oct 16, 2019, 08.06 AM IST
0Comments
Buy-sale1
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.

Also Read

Reliance Securities maintains buy on Gujarat Gas, target price Rs 249

Reliance Securities maintains buy on GAIL, target price Rs 154

Reliance Securities maintains buy on Gail (India), target price Rs 154

Reliance Securities has a positive view on ONGC

Buy TCS, target Rs 2350: Reliance Securities

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Disclaimer: This recommendation is analyst's own and does not represent those of economictimes.com & ETMarkets.com. Please consult your financial advisor before taking any position in the stock/s mentioned.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service