- Mahindra & Mahindra (M&M) shares hit a fresh 52-week high ahead of its Q4FY24 results announcement.
- M&M’s subsidiary, Mahindra Holdings, sells its entire stake in New Delhi Centre for Sight (NDCFS).
- Shares of M&M have shown strong returns to investors in the last three and six months.
Mahindra & Mahindra (M&M) shares surge to a new 52-week high as the company prepares to announce its Q4FY24 results. The auto major’s robust sales and strong volume growth contribute to the uptrend.
M&M’s Share Price Trend
Shares of M&M opened at ₹2284.35 and gained 1.45 per cent to hit a fresh 52-week high of ₹2,317.50 apiece on the BSE, before settling 1.41 per cent higher at ₹2,302.55 apiece on the BSE. According to Trendlyne data, shares of M&M have given 39.94 per cent returns to investors in the last three months and 49.48 per cent in the last six months. Brokerages anticipate M&M to benefit from its production ramp up, leading to better order fulfillment.
M&M’s Q4 Results Preview
Domestic brokerage firm Prabhudas Lilladher estimates that M&M’s revenue/EBITDA/net profit is likely to grow at a CAGR of 11.7 per cent/17 per cent/13.4 per cent respectively in the March quarter. M&M’s overall auto sales, including exports for the month of April 2024, grew 13 per cent to 70,471 vehicles. The company’s utility vehicles segment saw a growth of 18 per cent, having sold 41,008 vehicles in the domestic market. The domestic sales for commercial vehicles stood at 22,102, it said.
Conclusion
M&M’s shares are on an uptrend, hitting a fresh 52-week high ahead of its Q4FY24 results announcement. The company’s strong sales and volume growth are contributing factors. The sale of Mahindra Holdings’ stake in NDCFS is another significant development. Investors can look forward to the company’s Q4 results for further insights into its performance.
