M&M unveils Furio, stock trading near all-time high

The second largest car and truck maker by market capitalisation, Mahindra & Mahindra has unveiled Furio, a new range of intermediate commercial vehicles, through its Mahindra Truck and Bus Division. The stock of M&M on Tuesday opened with a gap up at 915 levels and surged to as much as 924, its new high, registering 1.8 per cent increase from previous gains. This optimism is supported by 6.43 times spurt in its volumes.

With the launch of Furio, the company would get a chance to enter into the ICV segment and is looking forward to making itself a full range commercial vehicle player. The company has invested Rs. 600 crore for the development of the brand and is likely to get produced at its Chakan, Pune facility. This range of ICV has been tested for over 17 lakh km during validation and trial processes.

The stock of M&M is trading range bound at its peak levels. Recently, on July 9 and July 11, the stock hit a Double top at all-time high levels of 940 and corrected nearly 5 per cent. The stock on Tuesday gave a small two-point downward sloping trendline breakout at 920 with volume spurt and 14-period RSI positive crossover at 55 levels suggesting momentum, going forward.