Share price of Mahindra CIE Automotive jumped 4 percent intraday on November 27 after global research firm HSBC maintained a buy call on the stock but has cut target to Rs 230 from Rs 300 per share.
The firm is of the view that end-market demand has declined steeply in recent months while on the other hand key segments are likely to recover in the near term.
HSBC expects an earnings CAGR of over 22 percent for CY19-21. It has retained its buy call on the back of un-demanding valuations and strong long-term story.
The stock witnessed spurt in volume by more than 1.67 times. At 10:14 hrs Mahindra CIE Automotive was quoting at Rs 154.35, up Rs 6.20, or 4.18 percent. It has touched an intraday high of Rs 156.30 and an intraday low of Rs 153.05.
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