Why M&M Share Price Hit 52-Week High, Top Nifty50 Gainer?

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by Sandip Das on 16 February 2024,  4 min read

Why M&M Share Price Hit 52-Week High, Top Nifty50 Gainer?
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Share price of Mahindra & Mahindra (M&M) was the top Nifty50 gainer, up over 4 percent on February 16, 2024. The move comes after Volkswagen and Mahindra signed a supply agreement.

Volkswagen Group and Mahindra & Mahindra Ltd. (M&M) have signed the first supply agreement on components of Volkswagen´s MEB for Mahindra’s purpose-built electric platform INGLO. It will take a definitive step further on their joint vision for e-mobility collaboration, M&M said in an exchange filing.

“The deal covers the supply of certain electric components as well as unified cells. With the agreement, Volkswagen and Mahindra are further deepening their collaboration which started with a partnering agreement and a term sheet in 2022. Both companies will continue to evaluate a potential expansion of the collaboration,” the press release added.

Mahindra will be the first external partner to use the groundbreaking unified cell concept, the core element of Volkswagen’s battery strategy. The supply agreement will run over several years and will have a total volume of about 50 GWh over a lifetime. Volkswagen Group and Mahindra aim to strengthen their e-mobility footprint in the Indian automotive market and accelerate the electrification in the region.

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Mahindra plans to launch five all-electric SUVs in India based on its new, purpose-built electric platform INGLO, starting December 2024. With more than five million new vehicles per year in 2023, India is one of the largest automotive markets in the world. The electrification of the passenger car segment is expected to gain significant momentum in the coming years, M&M further said.

At 11:54 AM, the share price of Mahindra & Mahindra was up 4.54 percent or Rs 80.10. It was trading at Rs 1,845.15 on NSE.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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