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Motilal Oswal Report
While the two-wheeler segment has outperformed passenger vehicles so far in FY25, we expect its growth to moderate for the rest of the year. Maruti Suzuki India Ltd. is our top pick among auto OEMs as it continues to be a play on the rural recovery with attractive valuation. We like Mahindra and Mahindra Ltd. for its healthy demand momentum in both SUVs and tractors for FY25. We also like Hyundai as it appears well aligned to benefit from the industry trends toward utility vehicles.
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