Diwali Week - Mahindra and Mahindra
Mahindra and Mahindra (M&M) is looking at various cost reduction measures, including lowering driving range of its electric car e-Verito, in order to be price competitive to supply electric cars to EESL.
M&M coupled with Tata Motors are the only two companies selected by state-owned Energy Efficiency Services Ltd (EESL) to supply 500 electric cars in the first phase.
The orders for supply of nearly 9,500 electric cars in the second phase will be issued after the completion of deliveries of the 500 EVs in the first phase.
Mahindra & Mahindra is in talks with the Karnataka government for further investments in the state as it looks at expanding capacity in its electric vehicles division Mahindra Electric. Karnataka’s large and medium industries minister RV Deshpande said he had a meeting with M&M chairman Anand Mahindra on Friday to discuss proposal.
“They’re also looking at Karnataka to invest,” he said. In a first, the state had last month passed Karnataka Electric Vehicles & Energy Storage Policy 2017 to make the state a hub for electric vehicles and battery manufacturing.
Mahindra & Mahindra (M&M) is working on a China business plan for its tractor/farm machinery business, which will, in all likelihood, be a wholly-owned subsidiary.Mahindra has been in overdrive in recent years building its global farm machinery presence through acquisitions in Japan, Finland and Turkey. These are part of a vision to increase business beyond India to 50 per cent by 2019
Stronger than expected industrial and manufacturing data in U.K adds weight to the view the Bank of England can safely raise interest rates in November. Moreover, Sterling is also getting support after a number of cabinet ministers pledged their support to the Prime Minister after a plot to oust her became public.
Now what to expect??
Support seen at 1290 and Hurdle is at 1330
Looks positive on chart .Traders can buy above 1330 and can accumulate more in panic around 1320 for the upside target of 1380—1430++mark in days to come.
Support and stop loss below 1290 on closing basis.
Trading Recommendation (12th October 2017)
Buy Mahindra & Mahindra (Future) above 1330 and accumulate more in panic around 1320 Stop loss below 1290 (on closing basis). Target 1380--1430+++ mark.
More will update soon!!!
