India's Mahindra CIE rises on boost report

CIE Automotive India

27/12/2022 05:34

** Shares of Mahindra CIE Automotive Ltd  MAHN.NS  rise as
much as 4.1% to 326.15 rupees, highest since Dec. 22
    ** Motilal Oswal expects MAHN to outperform the domestic
auto industry by ~10%, prioritise domestic demand and
profitability over exports and strengthen its focus on the
rapidly growing EV industry
    ** Brokerage maintains "buy" rating for the stock with
target price of 360 rupees, calls co's decision to sell its
German Forging operation helpful in improving overall financial
performance
    ** About 298,343 shares change hands by 10:45 a.m. IST vs
30-day avg of 787,962 shares
    ** Five other analysts covering the stock have a "buy" or
"strong buy" rating, while one rates it at "strong sell"; median
PT is 378 rupees - Refinitiv data
    ** Stock up 33.8% so far this year, as of last close vs
Nifty Auto Index's  .NIFTYAUTO  13.5% rise
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))