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.
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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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