Rajesh Agarwal, Head of Research, Eastern Financiers is of the view that one can sell Mahindra and Mahindra .
Agarwal told CNBC-TV18, "For the very short term there is some amount of correction due in the market unless of course it crosses 5400 and stays there. Hence I would suggest getting out of Mahindra and Mahindra. On the fundamental side if you look at the numbers reported yesterday, the reported drop in December PAT interest costs were very high, Rs 89 crore against Rs 12 crore."
He further added, "The margins were under pressure, even on the valuation front if you see it's trading at 16 times price to earning, which we believe is on a higher side when you have the likes of Maruti and Tata Motors quoting at a much lower valuation and with a much bright future. So I would suggest a sell on this. If the investor wants to be stay invested in an auto stock then Tata Motors or Maruti would be a better bet."
