Shares the opportunity to buy a decline in M&M: Brokerage

MUMBAI: Brokerage Burnstein and Jefferies said that there is a recent decline in shares of Mahindra and Mahindra (M&M) in Tesla in the country of potential admission in the country. Goldem Sach NSS said that in the past, the stock has returned 23% over a period of 12 months after a 15% drop pattern.

M&M shares, which closed 1.5% to 7 2,710.5 on Monday, filled it 15.3% since February 7.

“This is a chance to sink, and the widespread product connections with M&M auto and agri are basically the right investment,” Bernsten said in a client’s note. “Stock is our top choice for its capital allocation model and the horizon of a longer investment.”

Brokerage is a target of Rs 3,650 on stock, indicating a sidewalk of about 35% from the closed level on Monday. Goldem and N and Jefferies Price Target Rs. 3,800 and Rs. 4075 indicates the benefit of 40% and 50% respectively.

Jefferies said that the effect of Tesla’s entry on M&M citing vehicle prices and electric vehicle (EV) policy distance will be limited, which provides low duty only at a limited volume for high precious vehicles. According to the brokerage, automaker is a better investment case than Maruti Suzuki and Hyundai Motor due to the demand for a strong industry, which improves market share in tractors and sports utility vehicles (SUVs) and lower valuations.

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Among the top Blue-chip artists in recent times, M&M shares have risen by 35% advanced in the Nifty in the last three years and 98% in the Nifty Auto toe index. Goldman said that over the past 10 years, M&MA returned an average of 36% over a 24 -month period on the wait of 15% stock price. Bernstein said Tesla affects potential entrance to India but does not change the main demand for M&M.

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