Mahindra and Mahindra has target of Rs 1100, says Rajen Shah, CIO of Angel Broking.

Shah told CNBC-TV18, "I would like to be away from this metal space. I think most of them are fairly priced though they have seen a cut in this fall but most of them are fairly priced. In fact most of the frontliners, which we have been tracking at Angel, seem to be fairly priced. What upside we can get in those maybe 13-15% kind of return is what we can expect from this frontline stocks. If you see the auto pack, the numbers have been astounding Maruti Suzuki, Hero Honda, Mahindra & Mahindra certainly looks very promising but Maruti Suzuki and Hero Honda looked to be fairly priced at this point of time. Mahindra – good numbers - should report about Rs 72-73 kind of earnings, so we have upped our target for Mahindra to about Rs 1,100. But otherwise except for fast moving consumer goods (FMCG) pack where we like ITC. I think most of the frontliners look to be fairly priced at this point of time."