Mahindra and Mahindra hits 52-week high after XUV 3XO SUV launch

Shares of Mahindra and Mahindra Limited gained 5% to hit a fresh 52-week high of ₹2,169 apiece on the NSE on Tuesday, April 30. The rally in the stock price was seen after the leading automaker announced the launch of its compact sports utility vehicle (SUV), XUV 3XO.

Mahindra and Mahindra shares opened at ₹2,073.05 apiece, higher than its previous closing price of ₹2,062.05, and rallied as much as 5.18% to hit a year’s high of ₹2,169 on the NSE.

However, the auto stock pared early gains to close 4.75% higher at ₹2,159 apiece on the NSE.

In an exchange filing on April 29, Mahindra & Mahindra informed the bourses about the launch of its latest vehicle introducing it as the “new disruptor in compact SUVs”.

The compact SUV has been priced at ₹7.49 lakh.

According to the filing, the XUV 3XO was conceptualised at the Mahindra India Design Studio (MIDS) in Mumbai and engineered and developed at the Mahindra Research Valley (MRV) near Chennai. It was built at Mahindra’s facility in Nashik.

Following the launch, Mahindra & Mahindra said that bookings for the XUV 3XO will be available online and at Mahindra dealerships starting May 15. Deliveries of the XUV 3XO will begin from May 26.

Veejay Nakra, President – Automotive Division, Mahindra & Mahindra Ltd said, “The XUV 3XO is designed to cater to a broad spectrum of customers, from those upgrading from a hatchback to their first SUV to luxury seekers looking for high-end features at a competitive price.”

Mahindra and Mahindra is one of the largest vehicle manufacturers in India in terms of production volume. The company caters to various sectors including farm equipment, utility SUVs, passenger vehicles and tractors.