Mahindra & Mahindra share price jumps over 7% to record high after Q4 results - Hindustan Times
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Mahindra & Mahindra share price jumps over 7% to record high after Q4 results

May 17, 2024 10:57 AM IST

Mahindra & Mahindra share price jumps over 7% to record high after Q4 results

Mahindra & Mahindra share price: The share price of Mahindra & Mahindra (M&M) rose 7 per cent today as analysts remained bullish on the stock and raised the target price following the company's robust Q4 results. The company's shares jumped as much as 7.66% to a record high of 2,554.75 apiece on the BSE. Mahindra & Mahindra Ltd reported a net profit growth of 31.6% year-on-year (YoY) at 2,038.21 crore in the fourth quarter of FY24 and the revenue from operations in Q4FY24 rose 11.24% to 25,108.97 crore from 22,571.37 crore, YoY.

Mahindra & Mahindra share price: The logo of Mahindra and Mahindra is seen on a car at a showroom in Mumbai, India.(Reuters)
Mahindra & Mahindra share price: The logo of Mahindra and Mahindra is seen on a car at a showroom in Mumbai, India.(Reuters)

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What brokerages said on Mahindra & Mahindra?

Nuvama Institutional Equities said that revenue visibility in the auto segment is robust backed by a large UV order book at 220,000 units and healthy launch pipeline in FY25. The brokerage retained its ‘Buy’ rating and raised M&M share price target to 2,760 per share from 2,380 earlier.

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Motilal Oswal Financial Services said that M&M’s overall performance in Q4FY24 beat its estimates on all fronts. The brokerage raised EPS estimates by 6% and 11% for FY25 and FY26 and maintained its ‘Buy’ rating on M&M shares and raised the target price to 2,720 apiece.

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Emkay Global Financial Services upgraded FY25E and FY26E EPS estimates by ~8% each and retained its ‘Add’ call and raised M&M stock price target to 2,550 apiece from 2,100 earlier.

Kotak Institutional Equities aldo retained ‘Add’ rating and raised M&M share price target to 2,550 apiece from 1,800 earlier.

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