Mahindra shares jump 3% on launch of Thar Roxx in India
Thar Roxx, a 5 seater SUV, has been launched in India, with prices starting at ₹12.99 lakh (introductory ex-showroom).
Thar Roxx, a 5 seater SUV, has been launched in India, with prices starting at ₹12.99 lakh (introductory ex-showroom).
The auto stock has risen 44% in two sessions against its IPO price of ₹76, while its m-cap has surged by ₹14,737 crore to ₹48,259 crore.
Shares of Eicher Motors surged over 5% today after falling nearly 8% in the past six sessions amid profit booking at higher levels.
The auto major’s profit and revenue grew 37% and 30%, respectively, in Q3 FY24, driven by strong growth in operating profit and surge in volume.
The auto major has received NoC from the BSE and NSE for the conversion of its differential voting rights (DVRs) shares to ordinary shares.
The weakness in auto stocks was in sync with the broader market.
Rate-sensitive stocks saw mixed reactions with financial services and banking stocks witnessing buying whereas auto and realty stocks seeing marginal selling pressure.
The smallcap stock has been rising for the last seven sessions and gained 26% during the same period.
Bajaj Auto shares opened higher at ₹4,368.95, but soon slipped as much as 1.4% to ₹4,282.80 on the BSE.
In Q4 FY23, global wholesales of Tata Motors, which includes sales of its flagship JLR vehicles, grew 8% YoY at 3,61,361 units.