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Motilal Oswal Report
While we anticipate the two-wheeler segment to continue outperforming other segments even in FY25, this appears to be fully priced-in after the recent strong rally in two-wheeler stocks. Maruti Suzuki India Ltd. is our top pick among auto original equipment manufacturers as it continues to be a play on rural recovery with attractive valuation.
We also like Mahindra and Mahindra Ltd., given its healthy demand momentum in both SUVs and tractors for FY25.
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