M&M gains 1.8% on UBS upgrade
26th October 2012 11:18 AM
Mahindra & Mahindra (M&M) gained on Friday after global firm Union Bank of Switzerland (UBS) has upgraded the company to 'Buy' from 'Neutral' citing a 'strong' outlook for profit margins despite falling tractor sales, as well as increased demand for utility vehicles.
UBS raised its target price Rs 1,050 from Rs 780 as part of its ratings change.
Shares ofthe companyare trading at Rs 873, up Rs 15.45, or 1.80% at the Bombay Stock Exchange (BSE) on Friday at 9:56 a.m.The scrip has touched an intra-day high of Rs 875.60 and low of Rs 859.70. The total volume of shares traded at the BSE is 57,439.In the earlier session, the shares gained 3.59%, or Rs 29.75, at Rs 857.55. Currently, the stock is trading down 0.63% from its 52-week high of Rs 878.50 and above 40.41% over the 52-week low of Rs 621.75.Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 823.40 34.15 4.15 1 Month 846.25 11.30 1.34 3 Months 687.65 169.90 24.71 6 Months 714.75 142.80 19.98 1 Year 849.45 8.10 0.95 Note: Based on previous day closing price.
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