Reliance Securities retains buy on M&M, target price Rs 650
Buy Mahindra & Mahindra Ltd. at a price target of Rs 650.0 .
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.
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.