HSBC upgrades Mahindra and Mahindra to 'overweight'

Reuters Posted online: Friday, Jun 13, 2014 at 0000 hrs
Mumbai : HSBC upgrades Mahindra & Mahindra Ltd to "overweight" from "neutral" and raises its target price to Rs 1,445 from Rs 1,340, saying it is the cheapest large-cap in the domestic autos universe.

"UV (utility vehicle) business is at a trough but with a favourable base in 2HFY15 and multiple triggers in FY16," the investment bank said in a report on Friday.

M&M shares are up 2 per cent at 0515 GMT.