HSBC upgrades Mahindra and Mahindra to "overweight" from "neutral" and raises its target price to 1,445 rupees from 1,340 rupees, saying it is the cheapest large-cap in the domestic autos universe.
"UV (utility vehicle) business is at a trough but with a favourable base in 2HFY15 and multiple triggers in FY16," the investment bank said in a report on Friday.
M&M shares are up 1.7 percent at 11:38 a.m.
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