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HSBC upgrades Mahindra and Mahindra citing valuations

LiveMint logoLiveMint 13-06-2014 Abhishek Vishnoi

Mumbai: HSBC has upgraded Mahindra and Mahindra Ltd (M&M) to “overweight” from “neutral” and has raised its target price to `1,445 from `1,340, 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.

At 11.45am, shares of M&M rose 1.88% to `1,250.55 on BSE, while the benchmark Sensex added 0.14% to 25,610.90 points.

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