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In a post-market hour filing to exchanges on Wednesday, M&M said it has acquired a 3.53% stake in RBL Bank at a cost of Rs 417 crore and may consider further investment subject to pricing, regulatory approvals and required procedures.
I think maybe because of this news you might see some action in the RBL Bank but I do not really think that there is a case for too much of development in terms of banks, etc.
“In terms of levels, Rs 1,400, 1,430 is a very strong support for the M&M stock. I would be a contrarian here and look to accumulate in this volatility in this range. I have a stop loss placed below Rs 1,400, maybe at Rs 1,380. A rebound could very well take us back to around Rs 1,520, 1,540 on the upside.”
M&M share price: On the technical front, analysts largely remained mixed on the counter. One said a correction in the stock price was long due, while another suggested that the overall bias is still positive. Support level could be seen around Rs 1,400.
'We may consider further investment subject to pricing, regulatory approvals and required procedures but won't exceed 9.9%,' says M&M