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Brief on Mahindra & Mahindra :
Our analysts recommend Mahindra & Mahindra (M&M). Auto Stocks are expected to outperform in the near term. UV Major M&M has been trading with a positive bias since last two weeks along with healthy volumes indicating positive bias. Trade with a positive bias above 870; Targets at 950/1020; Stop Loss Close below 875.
Brief on Mahindra & Mahindra :
- M&M posted a 44% year on year growth in passenger utility vehicle volumes driven by strong demand for Bolero, XUV500 and dispatches of new Quanto.
- LCV volumes also grew by 26% year on year which was a big surprise as we expected demand for LCVs to slow down in 2HFY13.
- Domestic tractor volumes declined by 5% year on year which was also 5% ahead of our estimates.
- October 2011 had a very strong pace for tractor volumes; we believe tractor volumes will likely grow at 8-10% year on year from Nov-March 2013 period which would be a key trigger for M&M’s stock performance.
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