Kapil Singh, auto analyst at Nomura told CNBC-TV18, "We are starting to see some signs of improvement in tractor demand. Tractor is a higher margin business for Mahindra and Mahindra (M&M). So even if there is some slowdown on the utility vehicle (UV) side then stronger demand in tractor will cover up for that."
"We have a buy rating with target a price of Rs 1,125," Singh further added.
At 12:11 hrs Mahindra and Mahindra was quoting at Rs 969.65, down Rs 3.30, or 0.34 percent. It has touched an intraday high of Rs 980 and an intraday low of Rs 956.60.
The share touched its 52-week high Rs 1,026.45 and 52-week low Rs 650.00 on 20 May, 2013 and 04 June, 2012, respectively. Currently, it is trading 5.53 percent below its 52-week high and 49.18 percent above its 52-week low. Market capitalisation stands at Rs 59,534.64 crore.
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