Buy Mahindra & Mahindra, target price Rs 760: ICICI Securities

ICICI Securities has given a buy rating to M&M with a target price of Rs 760. The share price moved up by 0.81 per cent from its previous close of Rs 705.25. The stock’s last traded price is Rs 710.95.

Mahindra & Mahindra Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 87701.02 Crore) operating in Auto sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 23566.75 Crore, up 44.39 % from last quarter Sales of Rs 16321.34 Crore and down -1.54 % from last year same quarter Sales of Rs 23935.93 Crore Company reported net profit after tax of Rs -96.43 Crore in latest quarter.


Investment Rationale
A resolute breakout above the last three months’ consolidation range (Rs 665-570) with strong volume.

Promoter/FII Holdings
Promoters held 18.9 per cent stake in the company as of Sept 30, 2020, while FIIs held 41.1 per cent, DIIs 29.9 per cent and public and others 10.2 per cent.