M&M stock price up by more than 4% today

30 Apr 2024 , 12:03 PM

On April 30, Mahindra & Mahindra (M&M) witnessed a remarkable surge of over 5%, reaching a fresh record high of ₹2,166 per share, following the launch of its compact SUV, the XUV 3XO, at a competitive starting price of ₹7.49 Lakh. This launch puts M&M in direct competition with popular models such as the Maruti Suzuki Brezza, Tata Nexon, and Hyundai Venue.

With aspirations to establish a strong presence in the compact SUV segment, M&M’s management expressed their goal of achieving a top-two position within three years. Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Equipment Sector at M&M, stated, “We are number five in that sub-segment that is the size of 6 lakh and we hope to get number two or number one position in that.”

The XUV 3XO will offer both petrol and diesel variants, along with transmission options including 6-speed manual, 6-speed automatic, and a 6-speed AMT. Orders, both online and offline, will commence from May 15, with deliveries scheduled to begin from May 26. Manufactured at M&M’s Nashik facility, the compact SUV features a panoramic sunroof and level-2 ADAS technology, encompassing adaptive cruise control, lane keep assist, and blind spot monitoring.

M&M’s stock performance has been robust this year, surging over 23%, surpassing the 4% gain observed in the benchmark Nifty 50 index.