Mahindra & Mahindra (M&M) has announced a four-team partnership with the Indian Premier League (IPL) as their official SUV partner. Royal Challengers Bangalore, Delhi Capitals, Mumbai Indians and Rajasthan Royals will all benefit from the collaboration, which will feature promotional activities online and offline for consumers and fans.
The news sent shares of Mahindra & Mahindra soaring 1.8 percent on Wednesday 29th March. During Wednesday's trade, the stock opened at a price of Rs. 1,133.95 per share against the previous close of Rs. 1,128.30 per share and grew further during the early trading session to touch an intraday high of Rs. 1,149.45. It was trading at ₹1,147.25 apiece, up by 1.68 percent at 11:40 a.m. on the NSE.
The stock touched a 52-week-high of Rs. 1,397.40 on February 16, 2023, and a 52-week-low of Rs. 770.70 on March 29, 2022, indicating that at the current level, the stock is trading over 48 percent above its 52-week low and 18 percent below its 52 week high. The stock has declined over 9 percent in the last one month. Moreover, in the last six months, it has yielded a negative return of nearly 8.8 percent. However, in the past one year, it has returned over 48 percent to its shareholders.
Mahindra recently concluded its title sponsorship of the IBA Women's World Boxing Championships 2023, held in India from March 28. The automaker provided the official SUVs for the event, the XUV300 TurboSport and Thar, and even presented a Mahindra Thar to the highly successful Indian boxer, Nikhat Zareen.
In other news, Mahindra & Mahindra Ltd is close to sealing a deal to raise between $1-1.3 billion through the sale of shares in its electric vehicles (EV) unit. The move is intended to bolster EV Co's growth plans, the recently established subsidiary of Mahindra & Mahindra Ltd., reported Mint.
The company reported a consolidated total income of ₹30920.11 crore for the quarter that ended December 31, 2022, a 2.8% increase from the previous quarter and a 30% increase from the same quarter a year ago. The company also reported a net profit after tax of ₹2602.96 crore in the latest quarter.
Domestic brokerage, ICICI Securities has upgraded to a 'buy' call on Mahindra & Mahindra with a target price of ₹1386, reported ET.
Mahindra & Mahindra Limited, one of the largest vehicle manufacturers in India, has its headquarters in Ludhiana. Established in 1945 as Mahindra & Mohammed, the company was later renamed as Mahindra & Mahindra and is a part of the Mahindra Group. It has been producing vehicles in the country for over 75 years.
According to a Mintgenie poll, an average of 40 analysts have a ‘BUY’ call on the stock.
