The Mahindra & Mahindra (M&M) stock is down 14 per cent since the announcement of the demonetisation move.
Some of the Street’s fears came true when the company announced a 34 percent dip in utility vehicle (UV) sales and a 21 per cent fall in tractor sales for the month of November. While UV sales were down on weak consumer sentiment and inventory correction post festive season, it was the sharp fall in tractor sales (which were growing at a 60 per cent plus rate) which is worrying. Unlike other auto players, M&M’s.
@For Intraday Buy M & M Share at around 1175 targets 1185, 1193 Stop loss 1167.