India's Mahindra & Mahindra slides on weak monsoon forecast
BUZZ-India's Mahindra & Mahindra slides on weak monsoon forecast ** Shares of Mahindra and Mahindra MAHM.NS down 2.4% at 2,972 rupees
** India forecasts an El Nino-weakened monsoon in 2026 that will bring the lowest rainfall in 11 years
** Muted rainfall could potentially dampen near-term demand sentiment for domestic automotive industry, thereby capping the volume growth envisaged for the current fiscal year at 8-10% - ICICI Securities
** Brokerage says the muted monsoon forecast is sentimentally negative for M&M in the tractor space
** Stock set to drop more than 2% for the 2nd straight session
** Avg rating of 34 analysts covering the stock is "buy" and median PT is 4,200 rupees - data compiled by LSEG
** YTD, MAHM down ~20% while Nifty Auto index .NIFTYAUTO down ~8%
(Reporting by Anuran Sadhu in Bengaluru)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))
Recent news on Mahindra And Mahindra
See all newsIndia's auto stocks rise as strong October sales signal resilient festive demand (updated)
India's auto stocks rise as strong October sales signal resilient festive demand
Italy - Factors to watch on October 26
Brief: India Auto Industry Body SIAM Says India's September Total Domestic Passenger Vehicle Sales 4,54,574 Units
India tractor sales weaken as poor monsoon hurts farm demand (updated)