Shares of Mahindra Lifespace Developers Ltd. rose on Monday after it said that Japan-based OMRON Healthcare Co. will start operations at the company's IGBC platinum pre-certified industrial cluster, Origins by Mahindra.
OMRON Healthcare's factory will be built over 6.02 acres and will be manufacturing blood pressure monitors, mainly for supply in the domestic market.
Origins by Mahindra has been developed by Mahindra Industrial Park Chennai Ltd., which is a joint venture between Mahindra World City Developers Ltd. and Sumitomo Corporation.
Shares of the company advanced 4.01% intraday, before paring gains and trading at a 1.82% high as of 10.08 a.m. This compares to a 0.47% rise in the benchmark Nifty 50. The stock rose the most since May 31.
The total traded volume so far in the day stood at 4.3 times its 30-day average. The relative strength index stands at 74, suggesting the stock may be overbought.
All eight analysts tracking the company maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.5%.
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