Mahindra and Mahindra shares (M & M) were traded at Green in the morning session on February 11 but slipped to red in the midst of weak market conditions during global macro concerns.

Stock traded at Rs 839.05, down RS 14.05, or 1.65 percent. It has touched the highest intraday RS 861.90 and Low Intraday RS 835.65.

Mahindra & Mahindra Ltd, including Manindra Manufacturing arm manufacturing, posted a net profit of Rs 2,484.24 Crore after extraordinary items. This is a sharp surge of 57 percent of RS 1,268 Crore reported a year ago, said the company on February 10.

Revenue for the quarter rose 9 percent from last year to Rs 2,3594 Crore. Tractor sales in the domestic market fell 9 percent in 91,769 units. Sales in the automatic segment, including commercial vehicles and passengers, fell 2 percent to 11,8174 units during the period.

The company said the margin reached 11.9 percent affected due to commodity inflation and semiconductor deficiency. The company said that during the quarter there was sustainable growth in exports both for automatic and agricultural segments at 58.3 percent year-on-year.

The company said the business car continued to register a strong ordering pipe for its main models. The XUV700 launch sees an extraordinary response with more than one lakh order in four months. The market share of the tractor in the quarter rose 1.4 percent to 39.4 percent.

Morgan Stanley has a ‘overweight’ call on shares with a target at Rs 1.117 per share, 30 percent reversed from the current market price. This is the view that Q3 performance is in line with estimates that add that the slowdown tractor volume is likely to be appreciated. “Automatic business looks set to a sharp rebound at FY23. Interesting assessment at the current level,” he said.

BOFAML, on the other hand, has a ‘neutral’ call in stock with a target at Rs 920 per share, reversed 7 percent of the current level. “The weakness of agriculture is offset by proper automatic performance with a balanced risk prize. Call analyst paines a soft picture for the tractor segment,” it argues.