Ajay Shethiya positive on Mahindra and Mahindra

Ajay Shethiya of Centrum Broking told CNBC-TV18, "We continue to remain positive on Mahindra and Mahindra (M&M). On the automotive portfolio, Scorpio and pickup segment continues to do well. Importantly the competitive intensity in both the segments is quite low. So that is something which will help them in terms of their pricing."

"The tractor segment continues to do well, yesterdays agri data is also positive. And if I see for the last 35 years there will be upturn in tractor segment actually last for more than two-three years. Now this, given first year of upturn, we see the upturn to continue for the next two years and 10-12 percent of tractor growth is achievable," he said.