Mahindra and Mahindra shares in early trade on November 4 zoomed over 5 per cent to the day's high price of Rs 2,968.35 after the company's October sales beat estimates by a wide margin. At the last count, at around 9:46 am, the company's shares were up 2.56 per cent or 72.25 points at Rs 2,889.25 per share.

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For October, the company reported record SUV and tractor sales. Tractor sales during the review month rose 29.6 per cent year-on-year (YoY) to 65,453 units as against estimates of just 49,000 units. Similarly, SUV sales rose 25 per cent rose 25 per cent on-year.

Its SUV sales during the month increased to 54,504 units in comparison to 43,708 units during the same period last year.

Overall sales at the company during the month was reported at 96,648 units, up 19.8 per cent on-year, including exports. Zee Business research estimated sales at 84,500 units. While, Commercial Vehicles (CV) sales in the domestic market stood at 28,812 units.

Brokerages take on M&M post robust October sales

Global brokerage Goldman Sachs after the company's sales figure continued with its 'buy' rating on the stock with a target of Rs 3,600, implying strong potential gains of 28 per cent from the previous close. 

The brokerage has added the stock in its Asia Pacific conviction list as it expects the company's strong new SUV order backlog and upcoming BEV launches to support industry-leading growth visibility as against peers.

Furthermore, the company's farm equipment business is expected to log growth in H2FY25 on the back of improving underlying market dynamics. Over FY25-27, the brokerage forecasts 20 per cent/100 per cent EBIT/FCF CAGRs