Mahindra & Mahindra Shares May Rally Up to 22%, Brokerages Say After Q2 Results

Mahindra & Mahindra shares may rally up to 22% according to brokerages Nomura and Nuvama, citing robust SUV demand, strong farm equipment growth, and expanding profit margins as key drivers for the next leg of the company's growth. Nomura raised its target price to Rs 4,355, implying a 21.6% upside, while Nuvama maintained its 'Buy' call with a Rs 4,200 target price, suggesting a 17% upside.