Morgan Stanely downgrades M&M

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Morgan Stanley has cut the target price of M&M to Rs 682 from Rs 803 because of sharp margin compression in the fourth quarter.

Last month, the largest Indian utility vehicles maker lagged estimates with a 6.3% rise in its quarterly net profit and warned higher raw material costs could hurt margins.

At the CMP of Rs. 659, the company commands a market cap of Rs. 40,500 crores.

52 week High / low for the stock is 826 / 550.

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