27 Nov , 2024 By : Debdeep Gupta
Shares of Mahindra and Mahindra (M&M) were off to a strong start on the bourses on November 27, rising 3 percent to Rs 3,070, a day after the company announced the launch of its two maidens 'Born Electric' SUV vehicles based on its latest 'INGLO' platform, marking a shift in the companies electric mobility journey.
Deliveries for the XEV 9e and BE 6e are slated to begin in the final quarter of the financial year. The BE 6e will be priced at Rs 18.90 lakh, while the XEV 9e will have an introductory price of Rs 21.90 lakh, the company announced.
Following the launch, international brokerage Morgan Stanley issued an 'overweight' rating on the stock and assigned a target price of Rs 3,336 per share. This implies an upside potential of 12 percent from the last close of Rs 2,985 on the NSE.
Analysts added that the newly launched BE 6e and XEV 9e electric SUVs are priced in line with the premium variants. While EV sales have been slower than expected, the performance of these pure EV models will be a key factor to watch. Their success will also play a crucial role in helping M&M meet the upcoming CAFE 3 norms.
The XEV 9e features a connected LED DRL setup and a glowing logo at the front, along with a 360-degree camera, front parking sensors, and ADAS. Meanwhile, the Mahindra BE 6e sports a sloping roofline, a bold stance, and 20-inch alloy wheels, with an aerodynamic spoiler at the rear. It also includes front parking sensors and a driver-focused dashboard, the company said.
At about 9:20 am, shares of the company were trading at Rs 3,055, higher by 2.5 percent from the last close on the NSE. M&M shares have rallied a staggering 74 percent since the start of the year.
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