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Sell M&M, target of Rs 266: Reliance Money

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

Reliance Money has recommended a sell rating on Mahindra and Mahindra with a target price of Rs 266 in its March 9, 2009 research report. “M&M’s overall sales volumes for the month of February 2009 registered a growth of 11% y-o-y to 29,017 vehicles as against 26,196 vehicles in the same period last year. Sales volumes of M&M have grown on the back of improvement in UV volumes and Tractor volumes. UV segment sales, of the company have grown by 17% y-o-y on the back of recently launched XYLO and excise duty benefit.”

“The company during the month sold 2,287 XYLO’s and we believe that this new model will continue to receive good demand in the coming few months. Apart from this three wheeler sales of the company grew by 45.5% to 3,415 vehicles. We recommend a SELL with a

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