M&M shares rose by 3 percent to Rs 3,070 on November 27 after the launch of the XEV 9e and BE 6e SUV models. These models are part of M&M's electric mobility strategy and are based on the 'INGLO' platform.
Deliveries are expected to start in the final quarter of the financial year. The BE 6e is priced at Rs 18.90 lakh, while the XEV 9e has an introductory price of Rs 21.90 lakh. The stock has seen a significant increase of 74 percent since the beginning of the year.
Morgan Stanley has given an 'overweight' rating to M&M shares with a target price of Rs 3,336, indicating a potential upside of 12 percent from the last closing price of Rs 2,985 on the NSE.