M&M hits new high after Credit Suisse upgrade report

According to Reuters report, the investment bank says M&M's four-wheeler autos and commercial vehicles will benefit from even a short-lived economic recovery.

Mahindra and Mahindra (M&M) has rallied nearly 4% to Rs 1,081, also is lifetime high on the NSE, after Credit Suisse upgraded its rating on M&M to "outperform" from "neutral".

The stock opened at Rs 1,038 and hit a low of Rs 1,032 on the NSE. A combined around 707,000 shares changed hands on the counter so far on the NSE and BSE.

“The investment bank says M&M’s four-wheeler autos and commercial vehicles will benefit from even a short-lived economic recovery, while the auto-maker has "undemanding valuations,” a Reuters report suggests.

Meanwhile, the agri division of M&M on April 23 signed a joint venture agreement with Holland's HZPC, one of the leading innovative companies in the world in potato breeding, seed potato growing and seed potato trading to offer the best quality seed potatoes to farmers within and outside India.

The joint venture will initially invest Rs 20 crore in Northern region including Punjab and Haryana and will have Mahindra and HZPC holding 60% and 40% equity respectively in the company, it added.