Mahindra & Mahindra Stock Price: Mahindra & Mahindra shares decline on 17 February. The price in morning trading on BSE fell more than 4 percent from the previous closed price to Rs 2803.25. The company has received tremendous response to its new launch Electric SUVs, XEV 9E and BE 6. These new trains got 30,179 bookings on the first day. Due to this, International Brokerage City Research and Nomura Holdings have reiterated their bullish stance for the shares of Mahindra & Mahindra. Despite this, there is a selling pressure in the stock.
Both brokerage firms have retained the ‘bye’ call for stock. Nomura has repeated the target price of Rs 3,681 per share. At the same time, City Research has given a target price of Rs 3,680 per share. This target price is 25 percent higher than the closed price on BSE of Mahindra & Mahindra share on Friday, 14 February.
Brokerages arguments for M & M
Brokerage City says that the delivery of Mahindra XEV 9E and BE 6 will begin in a phased manner in late March. Given that the company has a capacity of 5,000 units per month, Mahindra & Mahindra’s orderbook is about 6 months. Brokerage said that it remains to be seen how EV facility increases and what is the cancellation rate for cars. Nomura Holdings said that the number of bookings is an impressive beginning for BEVs (Battery Electric Vehicles), especially when 73 percent of the booking top-end 79 kwh packs have come for three. Price points are very high for these EVs, as India’s EVS market is still in an early stage.
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The booking price for Mahindra XEV 9E and BE 6 is Rs 8,472 crore (ex-showroom price). The price of both models ranges from Rs 18.9 lakh to Rs 30.5 lakh (ex-showroom).
Share climbed 50 percent in a year
The market cap of Mahindra & Mahindra has increased to Rs 3.50 lakh crore due to selling in the stock. The share price has climbed 50 percent in a year. At the same time, 10 percent has come down in just one week. The company had 18.48 percent stake in the company till the end of December 2024.
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