M&M rides high on eyeing to produce 2 lakh EVs from upcoming Chakan plant by 2029
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Mahindra & Mahindra is currently trading at Rs. 1574.05, up by 3.70 points or 0.24% from its previous closing of Rs. 1570.35 on the BSE.
The scrip opened at Rs. 1570.40 and has touched a high and low of Rs. 1579.20 and Rs. 1559.95 respectively. So far 43394 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1594.85 on 13-Jul-2023 and a 52 week low of Rs. 1124.00 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1579.20 and Rs. 1524.40 respectively. The current market cap of the company is Rs. 195594.65 crore.
The promoters holding in the company stood at 19.37%, while Institutions and Non-Institutions held 67.08% and 13.55% respectively.
Mahindra & Mahindra (M&M) is eyeing electric vehicle (EV) production at its upcoming plant in Chakan in Maharashtra to hit peak production mark of 2 lakh units per annum between 2027 and 2029. The company estimates that EVs would account for 30 per cent of the overall volumes by 2030.
In January this year, the auto major received an approval from the Maharashtra government to set up a Rs 10,000-crore electric vehicle plant in Chakan near Pune. The company, through its subsidiary, will make this investment over a period of 7-8 years for setting up the manufacturing facility, development and production of its upcoming Born Electric (BE) models.
Mahindra & Mahindra 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.
