M&M shares rise 2% as Nomura finds new e-SUV priced attractively, sees up to 16% upside

Mahindra & Mahindra shares see strong buying interest.

Mahindra & Mahindra (M&M) shares rose more than 2 percent on Friday, emerging as one of the top gainers in the Nifty Auto index and the second-biggest gainer in the Nifty50 pack.

The stock gained after the company launched the XEV 9S, a new electric seven-seater SUV, priced from Rs 19.95 lakh (ex-showroom). The model, built on the INGLO platform like the BE 6 and XEV 9e, is positioned to offer increased cabin and luggage space. Bookings are scheduled to open on January 14, 2026, with deliveries slated to begin on January 23, 2026.

Mahindra XEV 9S launched in India at Rs 19.95 lakh

Brokerage Nomura said the new e-SUV has been priced more attractively than its expectation of Rs 23 lakh to Rs 31 lakh. The firm estimates monthly sales of 3,000–4,000 units for the XEV 9S and said volumes could exceed 5,000 units. It maintained a ‘buy’ rating on M&M with a price target of Rs 4,355, a 16 percent upside from the current levels.

According to LSEG data, analysts on average have a ‘buy’ call on the stock with a price target of Rs 4,149. M&M shares are up 25 per centso far this year.

On the NSE, the stock touched an intraday high of Rs 3,768.90, up 2.38 percent from the previous close.

Meanwhile, the Nifty Auto index rose more than half a percent, reversing Thursday’s losses. The index had pared gains in the previous session after hitting a record high of 27,832.60 as investors booked profits.

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