Mahindra's ₹12,000 Crore EV Investment Surprises Market, Shares Skyrocket 7%!
M&M shares surged over 7% to a record high of ₹2,554.75 after strong Q4 results and bullish analyst targets.
Mahindra & Mahindra reported a 31.6% YoY net profit growth in Q4FY24, reaching ₹2,038.21 crore from ₹1,548.97 crore.
M&M’s revenue rose 11.24% YoY to ₹25,108.97 crore. Automobile segment volumes increased 14%, while tractor sales declined 20%.
M&M's board approved a ₹12,000 crore investment into its electric business, MEAL, over the next three years.
Mahindra is in talks for local production of EV batteries and will sell some EV assets to MEAL for ₹796 crore.
British International Investment and Temasek are set to invest up to ₹1,925 crore in M&M's electric vehicle subsidiary.