Mahindra & Mahindra (M&M), which had closed yesterday at Rs.1082.05, rose to hit a new 52-week high today at Rs.1121.
The stock is up after the company yesterday launched new SUV, Scorpio-N, in domestic and international markets. This comes after a spend of a total Rs.1600 crore.
The SUV is priced (manual) at Rs.11.99 -19.5 lakh (ex-showroom) in five variants across seven colors. Scorpio N is likely to open for booking on 30th July, 2022 while delivery is expected start during festive period.
The company is unveiling the new product in South Africa and Nepal simultaneously. And, it intends to introduce this vehicle in Australia and New Zealand shortly.
Following this, most of the brokerage houses have gone bullish on the stock, with some saying that it has the potential to become the next XUV700.