M&M launches SUV XUV700 in Australia; stock edges up

M&M share price NSE, M&M XUV700 launch: Mahindra and Mahindra shares edged higher on the bourses on Thursday. The stock opened at Rs 1,381.8, up from the previous close of Rs 1,378.65. The stock was trading in the green a day after the auto major launched its flagship SUV, the XUV700, in Australia. Given the strategic importance of the market, the introduction of the XUV700 in Australia marks the company's ambitious global expansion strategy and signifies the beginning of a new phase for the brand in the country, Mahindra & Mahindra (M&M) said in a statement. M&M shares on Thursday finished up 1.04 per cent at Rs 1,393.05 apiece on NSE.

"Mahindra Australia, a subsidiary of M&M, is actively working on expanding its network. The focus is on enhancing accessibility and convenience for customers in metro locations," the company's statement further said. M&M President, Automotive Sector, Veejay Nakra, added, "The introduction of the XUV700 in Australia marks a significant step for the Mahindra brand here."
Further, Nakra said, "The XUV700 has been engineered to cater to global markets, and given its sensational success in the Indian market, we are confident that customers in Australia too will appreciate its class-leading attributes, advanced features, modern technology, and global safety standards." As per sources, M&M and the Hinduja Group have joined the race to acquire a stake in MG Motor India.

M&M share price history

M&M stock has given a positive return of over 35 per cent in the last 12 months (since June 15, 2022). In comparison, the headline index, Nifty 50, has rallied nearly 20 per cent.

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