Maruti Suzuki, Eicher Motors top bets; M&M a dark horse: Mehraboon Irani

Mehraboon Irani, Independent Market Expert told CNBC-TV18, "I think to state that market was expecting this re-stocking ahead of festival season is honestly saying the obvious, but I think even the expectations which looked a little bit optimistic have been exceeded. Except for the tractor sales of Mahindra and Mahindra (M&M) which was slightly below my expectation, I think on the whole the numbers are much better than what one had thought."

"Considering the fact that I am slightly off Tata Motors for quite some time now, I would say that Maruti Suzuki despite the expensive valuation continues to remain a very strong hold followed closely by maybe a short head separating the two would be Eicher Motors. I think today if I am not mistaken, Eicher Motors market cap has crossed Bajaj Auto also. So, at Rs 32,000-30,000 Eicher Motors is still a buy because of the fact that the floating stock as far as the company goes, as far as the stock goes, is still quite limited," he said.

"So, I would go with Maruti and Eicher Motors as the top two bets despite accepting the fact that in terms of fundamentals, in terms of valuations they would look a little bit rich. The dark horse in this entire auto pack would be Mahindra and Mahindra (M&M). I think with the plans ahead for it and relatively cheaper in terms of valuations, I think M&M could be the dark horse," he added.