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Hold Mahindra and Mahindra: Indiabulls Securities

Posted on: July 9th, 2009 and is filed under Brokerage Recommendations.

Indiabulls Securities Research has recommended a hold rating on Mahindra and Mahindra in its July 7, 2009 reports.

“We hold a positive outlook on the Company due to the lower interest rates, easing financing terms, and the Company’s internal arrangements to finance vehicles. Further, the increasing demand from the Agriculture, Infrastructure and Construction sectors is expected to propel the demand for tractors. At the current market price (CMP) of Rs. 750.5, the stock is trading at a forward P/E of 18x and 15.2x for FY10E and FY11E, respectively. We have valued M&M by using the SOTP method. Based on our valuation (DCF for the standalone business and CMP for other subsidiaries), we have arrived at a target price of Rs 715. Since our target price does not provide any significant upside potential from the CMP, we give a Hold rating to the stock,” says Indiabulls Securities’ research report.

source: Moneycontrol

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