Mahindra And Mahindra Ltd, NSE: M&M, shares slumped over 2 per cent on Friday, December 16. The stock opened at Rs 1,277.95 on NSE. At 11: 30 AM, the counter quoted Rs 1,262, declining 1.94 per cent.
The downtrend follows despite the automaker announcing its Rs 10,000 crore to set up an electric vehicle manufacturing plant.
Technical analyst Nilesh Jain said that correction today across all sectors is due to global weakness. Market volatility is affecting the sectors. For Mahindra And Mahindra, the outlook is sideways.
“M&M may further correct towards 1240 to 1230, on an immediate basis, the trend looks weak, there is still room in the lower side for correction, he said.
“We can expect the stock to hit previous high-level marks if the stock reaches 1300 levels,” he added.
Furthermore, he said that the stock is good to have for the long term. The ideal level for a buy could be Rs 1230- 1200. Better to avoid it for the short term.
Indian automaker, Mahindra And Mahindra announced an investment of Rs 10,000 crore to set up an electric vehicle manufacturing plant in Pune as part of its aggressive push in the country’s EV space.
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The investment plan has been approved under the Maharashtra Government’s industrial promotion scheme for Electric Vehicles.
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries.
Mahindra And Mahindra Price History
Mahindra And Mahindra has given a return of around 26 per cent in the past six months. YTD, Mahindra And Mahindra shares have delivered a stellar return of 52 per cent. Putting into perspective, Mahindra And Mahindra stock which was available for Rs 829.80 apiece on January 3, is now available at around Rs 1262.
At current levels, the stock has a market cap of Rs 1.51 lakh crore. Its 52-week range is Rs 1,366.55 – Rs 671.15.
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