M&M Shares up 2%; Jefferies Gives Positive Outlook

Shares of Mahindra and Mahindra witnessed a steep rally on February 24. The gains can be attributed to a positive outlook from brokerage firm Jefferies that highlighted the company's robust growth and market performance.

M&M gained by 2% in the early morning trade at ₹2,712 apiece, compared to the previous day’s drop of 6%.

At 10:37 pm, M&M traded 1.01% higher at ₹2,696.20 apiece on the NSE.

Jefferies’ positive outlook came after the stock witnessed sharp correction from its 52-week high in the last two weeks. Shares of the company fell by 9% last week, after witnessing a 6% drop on Friday, amid concerns over Tesla's potential entry into the Indian markets and its impact on the company.

The brokerage also noted that Tesla’s entry will have a short-term impact on M&M. Jefferies cited a price gap in their portfolios and the EV policy’s lower duty benefits applying only to a limited number of high-priced vehicles.

Mahindra & Mahindra reported a 19% increase in its standalone net profit to ₹2,964.31 crore in the December quarter. Revenue from operations soared by 20.3% to ₹30,538.23 crore in Q3FY25 against ₹25,382.88 crore in the year-ago period.