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New Scorpio-N revs up M&M investors as shares rise in early trade

Research houses Nomura and CLSA maintain buy rating on the stock

June 28, 2022 / 09:28 AM IST
Mahindra and Mahindra

Mahindra and Mahindra

 
 
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Mahindra and Mahindra (M&M) share price rose in early trade on June 28 a day after the company launched new SUV Scorpio-N in domestic and international markets.

For now, M&M has only announced prices for manual transmission variants starting at Rs 11.99 lakh and going up to Rs 19.49 lakh. Pricing for the automatic variants as well as the four-wheel-drive variants will be announced on July 21, as per release.

The company is unveiling the new product in South Africa and Nepal simultaneously. And, it intends to introduce this vehicle in Australia and New Zealand shortly.

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Here is what brokerages have to say about the stock and the company:

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Nomura

The research firm has maintained a buy rating on the stock with a target of Rs 1,308.

The new Scorpio-N should further support transformation of a lifestyle SUV maker, feels Nomura.

There is potential to incrementally add 10-15% upside to overall FY23-24 utility vehicle volumes, CNBC-TV18 reported.

Morgan Stanley

The research house has an kept overweight rating on the stock with a target of Rs 1,198.

Multiple new launches in the SUV segment underscore the SUV focus of original equipment makers while passenger vehicles will continue to lead recovery in autos, CNBC-TV18 reported.

CLSA

The broking house has kept a buy rating on the stock and raised the target price to Rs 1,356.

CLSA feels that the Scorpio-N will boost SUV line-up and its advanced features at lower price are a great value proposition for customers.

There is room for improvement in volumes if chip crunch eases faster, CNBC-TV18 reported.

At 09:17 hrs M&M was quoting at Rs 1,088.65, up Rs 6.60 or 0.61 percent on the BSE.

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first published: Jun 28, 2022 09:28 am
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