ICICI Securities has maintained its buy rating on Mahindra and Mahindra in its May 29, 2008 research report. "Strong performance of the group companies is reflected in their rising contributions to consolidated profits from 14.9% in FY04 to 36.7% in FY07 and to 47.6% in FY08. Trading at an attractive FY09E P/E of 8.4x and sum-of-the-parts based fair value estimate of Rs 920 per share, we maintain M&M as our top pick in the sector," says ICICI Securities' research report.

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