Parag Thakkar, Head of Sales at HDFC Securities told CNBC-TV18, "Mahindra and Mahindra (M&M) is a long-term structural buy. Currently the marketcap is around Rs 52,000 crore. If you remove the value of subsidiaries - M&M Financial Services and Tech Mahindra which are multibaggers in the making and if you give a holding company discount, the value comes to around Rs 18,000-19,000 crore. So for Rs 34,000 crore net enterprise value, you are getting a business which does a Rs 4,000 crore operating cash flow, standalone."
"This is a farm equipment business, which is going to grow in India specifically this year, year-to-date (YTD) volume growth is 22 percent. So any negativeness in the utility vehicle space will be clearly offset by farm equipment business where margins are better. Structurally from medium-term to long-term point of view, M&M remains the top Nifty buy," he added.