Shares of Mahindra & Mahindra Ltd. surged to a record high on robust bookings for its new SUV Scorpio-N.
The Scorpio-N recorded 25,000 bookings within one minute of booking commencement, and over 1 lakh under half an hour, the automaker said in an exchange filing on Saturday. The bookings, it said, translated to an ex-showroom value of Rs 18,000 crore or $2.3 billion.
The deliveries will begin on Sept. 26. The company expects to deliver more than 20,000 units of the Scorpio-N by December 2022. It will inform customers about their delivery date by the end of August.
Shares of M&M rose 6.3%, best day in at least a year on Monday. The stock hit a record Rs 1,248.7 apiece in intraday trade. The stock's trading volume was thrice the 30-day average, when markets closed.
Of the 46 analysts tracking the company, 41 maintain a ‘buy', three suggest a ‘hold' and two recommend a ‘sell', according to Bloomberg data. The 12-month consensus price target implies a 6.6% upside.
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