The Indian tractor industry has been benefited by structural reforms in Indian agriculture sector including easier availability of institutional credit, introduction of new agri schemes like Paramparagat Krishi Vikas Yojana, Pradhan Mantri Gram Sinchai Yojana and Sansad Adarsh Gram Yojana, increased budgetary allocations towards Pradhan Mantri Gram Sadak Yojana (PMGSY) and the Pradhan Mantri Awas Yojana-Gramin (PMAYG), farm loan waivers, greater impetus of GOI on doubling farm income by 2022 and direct cash benefit transfers. Increase in minimum support prices and approval of National Mission on food processing augurs well too for the Indian agrarian economy.
OutlookWeighing odds, we assign a buy rating on the stock with a target of Rs 1610 based on 20x FY22e earnings over a period of 9-12 months.
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