India's Mahindra CIE jumps to 15-year high on growth prospects

CIE Automotive India

12/01/2023 04:45

** Shares of Mahindra CIE Automotive  MAHN.NS  rise as much
as 2.42% to 359.70 rupees, highest in over 15 years since Jan.
8, 2008
    ** Stock on course to gain for the seventh consecutive
session, rising 6% over the period
    ** Co's plan to sell off its EU truck forging arm and focus
on electric light vehicle components augur well for its
profitability, says ICICI Securities
    ** Brokerage adds that rerating drivers for MAHN are in
place; Expects growth momentum to be on track due to robust
demand for passenger vehicles
    ** Maintains "buy" rating on the stock and PT to 466 rupees
from 374 rupees, an implied upside of 33% over its last close at
350 rupees
    ** Trading volume stood at 324,571 shares as of 9:49 a.m.
IST, 0.3x the 30-day avg of 995,148 shares
    ** Of the seven analysts tracking the company, six maintain
"buy" and one suggests "sell;" median PT is 380 rupees
($1 = 81.6325 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))