India's Mahindra CIE surges 10% to record high on positive growth view

CIE Automotive India

24/02/2023 07:03

** Shares of Mahindra CIE Automotive  MAHN.NS  rise as much
as 10.10% to 426.70 rupees, a record high
    ** Automotive components supplier reports quarterly loss of
6.58 billion rupees ($79.52 million) from profit of 802.3
million rupees, a year earlier
    ** India business outperformed European business due to
strong demand while Europe showed signs of improvement, says
Motilal Oswal
    ** Brokerage maintains "buy" on MAHN and a PT of 450 rupees,
an implied upside of 16% from the last close
    ** Motilal Oswal increases earnings estimate for 2023 and
2024 by 4% and 1%, respectively
    ** Production recovery at key domestic original equipment
manufacturers, new launches of key customers like Mahindra and
Mahindra and Tata Motors should aid MAHN's revenue, according to
ICICI Securities
    ** See scope for core profit margin expansion due to fall in
power costs, freight cost and slide in input commodity price
inflation: ICICI Securities
    ** Trading volume is 3.32 mln shares as of 12:25 p.m. IST,
2.6 times the 30-day avg of 1.27 mln shares - Refinitiv data
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))