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Mahindra & Mahindra (MM)
Automobiles
South and West tractor markets slip. Domestic tractor volume growth has started to
moderate significantly since Nov 2011, especially in southern and western states. Major states
where tractor demand has been impacted include Andhra Pradesh, Maharashtra, Karnataka, UP
and West Bengal. Key reasons for moderation in tractor demand in these markets are 15-20%
yoy decline in cotton and paddy prices, poor monsoons in South India and drought in certain
regions in Andhra Pradesh.
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