Mahindra and Mahindra share price hit a fresh 52-week high on Tuesday with the stock entering the coveted club of Rs 1 lakh crore market capitalisation after most analysts turned bullish on the stock in the backdrop of India expecting to receive normal monsoon for the third year in a row. The stock of Anand Mahindra-owned Mahindra and Mahindra gained over 2 per cent to hit its fresh 52-week high of Rs 819.10 on the BSE. Following the uptick in the counter, the company's market cap jumped to Rs 1,01,829.91 crore, higher by Rs 2,225.32 crore, from Rs 99,604.59 crore on Monday. With this, the company has joined the ranks of Ultra Tech Cement, Power Grid Corporation, and IndusInd Bank. 

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Global brokerage CLSA on Tuesday raised the target price on M&M to Rs 960 from Rs 910. The brokerage believes valuations are still attractive despite better earnings outlook. Improving rural demand outlook hanks to normal monsoon forecast, expected hike in government support prices for agri commodities and launch of new MPV will benefit M&M. 

Independent analyst Dharmesh Kant sees a target of Rs 1,055 on the stock with a one-year view. The valuations of the company look better than its peer Escorts. 

Avinash Gorakssakar, HoR, Joindre Capital also said M&M is a great monsoon pick and can be bought for short to medium term. He sees a target of Rs 950 in the next 12 months.

Mahindra and Mahindra share price has gained 29 per cent in the last one year against 16 per cent jump on Sensex. The stock outperformed the Sensex on a year-to-date basis too, adding 8 per cent against a flat movement on Sensex.