M&M inches up on getting nod for investment of Rs 10,000 crore for Electric Vehicles
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Mahindra & Mahindra is currently trading at Rs. 1284.00, up by 0.30 points or 0.02% from its previous closing of Rs. 1283.70 on the BSE.
The scrip opened at Rs. 1284.05 and has touched a high and low of Rs. 1290.50 and Rs. 1276.85 respectively. So far 66152 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1366.30 on 01-Nov-2022 and a 52 week low of Rs. 671.00 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 1290.50 and Rs. 1256.50 respectively. The current market cap of the company is Rs. 159389.72 crore.
The promoters holding in the company stood at 19.38%, while Institutions and Non-Institutions held 66.84% and 13.73% respectively.
Mahindra & Mahindra (M&M) has received approval for investment of Rs 10,000 crore for Electric Vehicles (EV) under the Maharashtra Government’s industrial promotion scheme for EV.
The company, through its subsidiary, will make investments of around Rs 10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, UK, on August 15, 2022. Based on the state-of-the-art INGLO EV Platform, these include the e-SUVs under the iconic brand - XUV with the Twin Peak logo in copper and the allnew electric-only brand called ‘BE’.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
