0650 GMT - Mahindra & Mahindra remains Nomura's top original equipment manufacturer pick in India's auto and auto-parts sector, the brokerage's analysts say in a research report. Consumers' initial response to the automaker's battery EVs is strong, say the analysts. They see upside potential to Nomura's monthly sales estimates of 3,000 units for FY 2026 and 7,000 units for FY 2027. With further traction in demand for Mahindra & Mahindra's tractors and market share, the brokerage lifts its FY 2025 growth estimate for the company to 10% from 7%. It raises the stock's target price to INR3,681.00 from INR3,664.00 with an unchanged buy rating. Shares are 0.3% lower at INR3,189.35. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 10, 2025 01:50 ET (06:50 GMT)
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