This leading automobile manufacturing company gets approval to invest Rs 10,000 crore for EVs

The EV manufacturing plant will be located in Pune, Maharashtra.

Under the Maharashtra Government's industrial promotion scheme for EVs, Mahindra & Mahindra (M&M) has been given authorisation for an investment of Rs 10,000 crore. 

To establish the manufacturing plant, develop, and produce Mahindra's upcoming Born Electric Vehicles (BEVs), some of which were displayed in Oxfordshire, UK, on August 15, 2022. The company, through its subsidiary, will invest approximately Rs 10,000 crore over 7-8 years. These include the e-SUVs sold under the legendary brand XUV with the Twin Peak badge in copper and the brand-new, electric-only BE, both built on the cutting-edge INGLO EV Platform. 

Mahindra & Mahindra is a part of the Mahindra Group, which is engaged in the business of manufacturing and sales of automobile vehicles. Mahindra & Mahindra is one of the most diversified automobile companies in India with a presence in 2-wheelers, 3-wheelers, passenger and commercial vehicles and tractors. 

Today, the stock opened at Rs 1284.05, with a high and low of Rs 1290.50 and Rs 1276.85. The stock previously closed at Rs 1283.70. It closed the trading session at Rs 1285.65, up by 0.15 per cent.   

In the last six months, the shares of the company have given 25.49 per cent returns and on a YTD basis, the stock has given 55.08 per cent returns.  

The stock has a 52-week high of Rs 1366.30 and a 52-week low of Rs 671.00. The company has a ROCE of 11.3 per cent and an ROE of 14.2 per cent with a market capitalisation of Rs 1,59,992.66 crore.