Mahindra and Mahindra (M&M) share price gained 3 percent intraday on March 1 after the company declared its sales figures for February.
The auto major's total sales were down 11.4 percent at 28,777 units against 32,476 units (YoY), while monthly figures were down 26.5 percent at 28,777 vehicles against 39,149 units in January.
Passenger vehicle sales jumped 41 percent at 15,391 units against 10,938 units (YoY). Three-wheelers were down 39 percent at 2,357 units against 3,843 units (YoY).
Exports were down 1 percent at 1,827 units against 1,839 units (YoY). Total auto sales was down 26.5 percent at 28,777 units against 39,149 units (MoM).
Tractor sales were, however, up 25 percent at 28,146 units against 22,561 units (YoY). Domestic tractor sales rose 24 percent at 27,170 units against 21,877 units (YoY).
Tractor exports jumped 43 percent at 976 units against 684 units (YoY). Total tractor sales were down 19.1 percent at 28,146 units against 34,778 units (MoM).
The stock was trading at Rs 828.40, up Rs 23.55, or 2.93 percent at 1304 hours. It touched an intraday high of Rs 852.50 and an intraday low of Rs 817.
Mahindra & Mahindra said it is considering another increase in price across products in the first quarter of the next fiscal to counter the spike in the input costs. The company had raised prices of its entire range by nearly 2 percent in January.
The automobile and tractor maker reported a massive 39.6 percent year-on-year growth in profit at Rs 530 crore for the quarter ended December 2020.
Goldman Sachs has maintained a "buy" rating on the stock with a target of Rs 1,029 per share. It is of the view that Q3 earnings were above estimates and auto is geared for recovery, adding that beat continued on the consolidated front as well, according to a CNBC-TV18 report.
Nomura has also retained "buy" on the stock with a target of Rs 1165 per share.
Domestic brokerage firm ICICIdirect has a buy on the stock with the target of Rs 1,000. "We value the stock at Rs 1,000 per share on SOTP basis (8.5x FY23E EV/EBITDA for base business; 20 percent holding company discount to its investments)," it said.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.