Friday, March 1, 2013
Mahindra climbs post price hike of utility vehicles : Market Update
MandM apportions inverted early misfortunes and climbed over 1.5 percent on Friday, supported by the value climb it took to balance the climb in extract calling affirmed in the Budget.
Mahindra & Mahindra apportions inverted early misfortunes and climbed over 1.5 percent on Friday, supported by the value climb it took to balance the climb in extract calling affirmed in the Budget.
Account Minister P Chidambaram astonished automakers when he affirmed a climb in extract on non-taxi games utility vehicles to 30 percent from 27 percent in the Union Budget for 2013-14.
M&M, India's greatest utility vehicle producer, late on Thursday affirmed it might raise costs by 2.4 percent crosswise over its vehicles, excluding the minimal UV Quanto.
Utility vehicles have viewed solid this money related year, even as the generally speaking traveler vehicle industry saw drowsy development. Experts state the value climb won't influence development much going ahead.
"The instantaneous build in costs by the association is on the wanted lines and has been undertaken to secure edges. We don't see a material effect of the later cost climb on the association's volumes and want them to develop at a sound rate of 12 percent in FY14," Angel Broking stated.
The firm has a "purchase" rating on the stock.
JP Morgan, in the interim, feels the trek in calling might sway mandate for associations like M&M and Tata Motors. Furthermore, the expanded designation for country growth plots in the Budget might help mandate for groups like M&M, who have a sizeable provincial introduction, it feels.
M&M offers were up 1.4 percent at Rs 885.80 on NSE in twelve exchange. The stock had hit a 52-week level of Rs 862.25 previous in the day.
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