Stay updated with breaking news from M Amp. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
M&M has been making lower lows on the weekly chart for the last four weeks. The stock has tested the demand zone of Rs 1,420-Rs 1,415 recently.
So we are actually in a good place because we have been an SUV company all along and we think this is a trend which will continue because the many things about SUV in an India kind of context, SUV represents much better status, ground clearance sitting height.
Favourable analyst re-rating, anchored in the 'core' focus at M&M, had helped the stock gain 93% in the past two years, compared with a 20% climb for the Nifty 50 over the same period.
Nomura has increased its price target to Rs 1,978 from Rs 1,790 on M&M shares while maintaining a buy. It said that Q1 results were slightly better than the brokerage's estimates with lower other expenses offsetting higher RM/sales. It said that the investment in RBL Bank has a strategic objective.
I think it is a good thing to prepare ourselves for the future and we have all the options to play that out.