M&M posts sharpest annual rally in 15 yrs

Auto major's stock zooms 73% in 2024

- Deepak Korgaonkar

Shares of Mahindra & Mahindra (M&M) registered their sharpest yearly rally in the past 15 years. The stock price of the automobile company has zoomed 73 per cent in 2024 on expectations of robust growth prospects.

The stock had hit a record high of ₹3,221.1 on September 27, 2024. M&M is the top gainer among the Sensex stocks in 2024.

In comparison, the BSE Sensex has gained 8.3 per cent, and the BSE Auto index rallied 22.2 per cent during the same period. On Tuesday, the stock gained 0.21 per cent on the BSE to end at ₹3,009.05.

Earlier in 2009, the market price of M&M had skyrocketed 293 per cent against the 76 per cent surge in the benchmark index. The M&M share has outperformed the market for the fifth straight calendar year.

Since 2020, the stock price of the company has increased nearly sevenfold from ₹531.35 at the end of December 2019.

In 2020, M&M had rallied 35.6 per cent followed by 16.2 per cent in 2021, 49.2 per cent in 2022 and 38.2 per cent in 2023.