BUZZ-India's Mahindra & Mahindra at record high on strong Q3; Jefferies see #2 spot ahead

Mahindra & Mahindra MAHM.NS shares jump 2.3% to record high of 3,270.95 rupees before reversing to a drop of 1.2%

MAHM reports 19% jump in Q3 profit on robust SUV, tractor sales, which Jefferies says is "Another Solid Quarter"

Jefferies says M&M could pip Hyundai India HYUN.NS to No. 2 passenger vehicle (PV) maker spot by FY27; Maruti Suzuki MRTI.NS at No. 1

Notes M&M's PV share has jumped from 5.8% in FY21 to all-time high of 12.8% in 9 months of FY25, and expects recent income tax cut in India to boost sales further, led by SUVs

Brokerage keeps "buy" rating with Street-high PT of 4,075 rupees

Avg rating of 34 analysts is also 'buy' and avg PT is 3,485 rupees -LSEG data

Since Hyundai India listed on Oct 22, it's stock has fallen 4.2%, while #3 Tata Motors TAMO.NS has tumbled ~22%

In that time, M&M has gained ~6.7%, just under Maruti's gain of 7.2%