M&M shares hit record highs after Scorpio-N receives 1 lakh bookings in 30 minutes
The shares of Mahindra & Mahindra Ltd (M&M) reached the highest of all time on Monday after recording 1.00,000 reservations for scorpio-N which was only in 30 minutes after the commencement of the booking on Saturday.
The shares opened at RS 1,195 and reached the highest record of RS 1,235 per share. At 9.45 in the morning, the script was traded at 1,234 Hospital in BSE, up 6 percent from the previous closure. This is the fifth successive session when the stock is traded higher. This has risen more than 45 percent of the dated year.
Rush has been translated into the book value of RS 18,000 crore based on ex-showroom prices. The company said the enthusiasm of the SUV was very high that it recorded 25,000 orders in the first minute.
This website also suffers from mistakes and many buyers are interested in failing to order their Scorpio-N. Anand Mahindra recognizes obstacles with payment gateway providers and tweeted: “From our press release. And I add my guarantee: there is a short error with a payment gateway provider. We convince all customers that their time stamp before payment should be recorded, so that each customer will have a place that should be in order. “
M&M will reveal the SUV platform being born on August 15 in the UK and provides a road map for the launch of the model (four models by FY26). M&M will also reveal the XUV400 (electricity) converted by ES in September 2022, and shipping is expected to begin from January to March 2023. M&M expects the penetration of the electric SUV to 20-30 percent of the entire SUV portfolio by FY27 (200,000 annual volume EV at the top end ).
We note that M&M is the leader in EV 3WS (EX-Rick), with a 38 percent share in the first quarter of FY23 (per vahan). We believe that electrification in the last mile mobility (3WS, LCV) can encourage the making of additional values for M&M in the future, “JP Morgan said in a note.
“M&M currently has 143K+ open booking (as of July 1 compared to 170K+ at the end of-Mei), and we hope this number remains high, because the scorpio-N booking starts July 30. XUV700 currently has an 80K open booking, followed by Thar, In 26K, “the report added.
The company will report the June quarter revenue on August 5. According to 14 estimates of Bloomberg analyst, it is possible to report revenue from RS 19,923.50 Crore and net profit of 1,534.10 Crore RS.
