Mahindra & Mahindra (M&M) is now India’s second-largest automaker after overtaking Tata Motors in terms of market capitalisation (mcap) earlier today. M&M shares hit three per cent upper circuit at a fresh 52-week high on the robust momentum. With an mcap of ₹3,63,980.89 crore, M&M is now the second-most valuable auto manufacturer after Maruti Suzuki, which dominates the top spot with an mcap of ₹4,03,240.17 crore, according to BSE data.
Rising for the second consecutive session on Friday, June 14, M&M emerged as the top Sensex gainer in trade by market closing. Based on FY24 volumes, M&M is the world’s largest tractor maker, and has laid out plans to scale up in the domestic as well as the overseas market, according to M&M’s investor day presentation.
M&M shares at all-time high: What’s behind the bullish momentum?
The stock surged during today’s session as the automaker plans to beat the industry’s average revenue growth by fiscal 2027. M&M also plans to increase its earnings before interest and tax margin by 15 per cent and achieve a return on capital employed of more than 30 per cent. In its investor presentation, M&M also said that it intends to rollout a total capex of ₹27,000 crore between FY25-27.
In the automobile vertical, the company plans to capitalise on its market leadership in internal combustion engines, electric vehicles (EVs), commercial vehicles, and international markets. M&M also plans to introduce six new SUVs by 2030, and a total of 23 launches by 2030, along with seven Born EVs by end of the decade.
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Published: 14 Jun 2024, 06:48 PM IST
