HSBC upgrades Mahindra and Mahindra, citing valuations

HSBC upgrades Mahindra and Mahindra to "overweight" from "neutral" and raises its target price to 1,445 rupees from 1,340 rupees, 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 1.7 percent at 11:38 a.m.