India's Mahindra CIE rises 2% on Kotak rating upgrade

CIE Automotive India

03/04/2023 07:01

** Shares of Mahindra CIE Automotive  MAHN.NS  rise as much
as 2.08% to 358.10 rupees, highest in over a week since March 24
    ** Rise comes after the auto components supplier's stock was
upgraded to "add" from "sell" by Kotak Institutional Equities
    ** Target price raised to 380 rupees from 270 rupees, an
8.26% implied upside from the last close of 351 rupees
    ** Strong order wins in ICE and EV segment, improved
execution in India business, rising business share with existing
customers and addition of new customers augur well for MAHN:
Kotak
    ** Adds that exit from Europe's truck forging business to
aid profitability and improve capital efficiency
    ** Of the seven analysts tracking MAHN, six maintain "buy"
and one recommends "sell"; median TP is 397 rupees - Refinitiv
data




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))