Religare's research report on M&MAs per management, FY17 would see more refreshes than new launches by the company, as new launches for FY16 would have their first full-year of production in FY17. Besides, MM would want to leverage on its new launches as all gaps in the UV segment have now been plugged. For CVs, particularly LCVs/SCVs, the company remains upbeat on its portfolio. Among MHCVs, management expects to launch products in the 9-16tonne segment – where it is currently not present – in FY18. MM also expects to see good exports growth in FY17 driven by key markets of Sri Lanka, Nepal and Bangladesh. Also, with crude stablising, the African continent and Latin America would further support growth in volumes.The stock has seen a sharp up-move of 20% in the last six months, and largely factors in the upbeat growth outlook for the tractor segment. We maintain our HOLD recommendation on the stock with a Mar’17 TP of Rs 1,300.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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