Buy Mahindra & Mahindra With Target Of Rs 670

Buy Mahindra & Mahindra With Target Of Rs 670Stock market analyst Nishant Jain of Tradeswift is of the view that investors can buy Mahindra & Mahindra (M&M) stock with intra-day target of Rs 670.

According to analyst, the interested investors can buy the stock with stop loss of Rs 648.

The stock of the company, on Aug 04, closed at Rs 653.90 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 677 and a low of Rs 373 on BSE.

Current EPS & P/E ratio stood at 37.31 and 17.50 respectively.

Auto giant Mahindra & Mahindra's (M&M) panel is expected to sanction the company's bid for troubling Korean sport utility vehicle manufacturer Ssangyong at its conference on Thursday.

After selling around one lakh scooters in just 10 months, M&M is now decisding to make foray into the Indian motor-cycle market by 2010 end.

Moreover, M&M is formulating the bike at its Italy-based Engines Engineering that was purchased by Mahindra group in the year 2008.

At present, M&M's Pithampur plant has a capability to produce 5-6 lakh scooters on a yearly basis.

Buoyed by the healthy market reaction for its scooters, the company now eyes to double up its scooter sales from 1 lac to 2 lac by December this year (2010).

For the three month period, M&M's total cumulative sales (domestic as well as exports) stood at 64,740 units as against 56,235 units in the like period of 2009.