M&M shares surge 3% as BofA upgrades it to Buy, sees 22% upside

believes that M&M has multiple catalysts that will play out in the next 12-18 months. The company's core business remains steady with market share gains in the and a potential turnaround in the , stated in a note.

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M&M's are expected to contribute more significantly to the company going forward. BofA highlighted the new leadership, bold growth plans, and focus on sustainability within the subsidiaries as key positives.
At 11:32 am, the scrip was trading 2.12% higher at Rs 2,547.6 on BSE. Notably, it has recorded a remarkable surge of over 90% in the past years and has delivered multibagger returns of 214% in the last three years.

In Q4 FY24, auto major reported a net profit of Rs 2,038 crore. This is an increase of 32% year-on-year (YoY) from Rs 1,549 crore in the last year quarter. Its from operations in the reporting period rose 11% YoY to Rs 25,109 crore, compared with Rs 22,571 crore in the corresponding period of last year.

EBITDA for the March quarter jumped 22% YoY to Rs 3,446 crore against Rs 2,831 crore in the last year quarter.

For the auto segment, the fourth quarter volumes increased to 21.5 lakh, with the highest-ever utility volumes at 1.26 lakh. The company currently has open bookings of SUVs at 2.2 lakh

In technical terms, the relative strength index (RSI) of the stock is currently at 66.2, signalling it's neither trading in the overbought nor the oversold territory. Additionally, the MACD is at 121.2, above its center and signal Line, this is a bullish indicator.

M&M stock stood higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages (SMAs).

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