Aug 02, 2013, 02.21 PM IST
In an interview to CNBC-TV18 Prayesh Jain says two wheeler segment was least disappointing in the auto space. He believes the two wheeler space in terms of volume growth could possibly be a space where there could be outperformance this year on the back of good monsoons.
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See limited upside in Hero Moto, Bajaj Auto; buy M&M: IIFL
In an interview to CNBC-TV18 Prayesh Jain says two wheeler segment was least disappointing in the auto space. He believes the two wheeler space in terms of volume growth could possibly be a space where there could be outperformance this year on the back of good monsoons.
Like this story, share it with millions of investors on M3
See limited upside in Hero Moto, Bajaj Auto; buy M&M: IIFL
In an interview to CNBC-TV18 Prayesh Jain says two wheeler segment was least disappointing in the auto space. He believes the two wheeler space in terms of volume growth could possibly be a space where there could be outperformance this year on the back of good monsoons.
IIFL has market performer ratings on both these stocks.
The broking firm has a buy rating on Mahindra and Mahindra despite it posting 29 percent Y-o-Y fall in UV volumes. IIFL has a target price of Rs 1100 on the stock.
Also Read: Bajaj Auto's July sales plunge 18% to 2.81 lakh units
Below is the verbatim transcript of Prayesh Jain's interview on CNBC-TV18
Q: Which space in the auto sector were you least disappointed with the July numbers?
A: Possibly the two wheeler pack. If you look at the Hero MotoCorp numbers, they were flattish on a sequential basis. It is the market leader and reports a flat number, so that was the least disappointment possibly to takeaway.
Q: How are you pricing that stock now and what kind of growth are you pencilling in?
A: The two wheeler space in terms of volume growth could possibly be a space where there could be outperformance this year. The main premise comes from the fact that monsoons have been pretty normal and that transforms into a strong outlook for the agriculture sector and rural demand would possibly remain strong in the second half.
The two wheeler sector could do well. However, we feel that the upside seems to be limited for both Hero MotoCorp as well as Bajaj Auto in terms of valuations and we have market performer ratings on both these stocks.
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