Mahindra & Mahindra 4

RESEARCH REPORT DISTRIBUTED BY:
www.agco.com
PREPARED BY:
The attached research report and the excerpts from the research report below were written entirely by a broker partner of Auerbach Grayson, and not by Auerbach Grayson. Auerbach Grayson is distributing/providing this research report for your consideration.
MAHINDRA & MAHINDRA

THROUGH THE CHAIRMAN'S EYES
November 27, 2013 Price: INR 945.00 India [Automobile Manufacturers] Bloomberg: [MM IN] Market Cap: USD 9,329.30 m Outstanding Shares: 615.89 m Six Month Avg. Daily Trading Vol. (USD m): 20.96 52 Week High/Low: INR 1,025.87 / INR 740.15
HOLD
Mr Mahindra shared his views on how functioning as a conglomerate provides all verticals of the group scope to benefit from synergies and varied linkages. Further, it also creates an all important bed-rock for values and core purposes for the entire group. With most businesses functioning independently, it also creates an entrepreneurial spirit among business heads, which can be nurtured by easy access to resources. His vision is to create a large mobility brand where all segments (be it twowheelers, commercial vehicles, or UVs) come under the overall mobility ecosystem. This vision comes from past experience where both tractors and UVs benefitted from the huge commonalties in the backend. Despite the group initially starting out on a very low scale and with a lack of technology, these back-end synergies between farm and auto segments has helped them not only survive, but survive with higher return on capital than most global players. The commonalities in raw material procurement, research and development, engine design, skill set can be shared across the entire mobility ecosystem. For example, it now gets global synergies with Ssangyong (besides common sourcing, they are now jointly designing a new petrol engine). One of the key rationales for taking the group global is that it keeps them on their toes and hence helps them stay competitive, and ultimately survive. With all global players descending on India, Mr Mahindra was candid to share that the Group is definitely not safe in India if they are not competitive abroad. Hence, the plan will remain to go out and compete with the rest of the world as that is one of the best survival techniques.
Revenue (INR m) 442,918.00 389,447.00 383,566.00 313,811.00 235,641.00 EBITDA (INR m) 64,082.00 55,687.00 53,293.00 41,613.00 36,215.00 Net Profit (INR m) 44,103.00 38,222.00 36,344.00 29,970.00 26,870.00 EPS (INR) 67.10 58.20 53.90 44.00 39.20 PER (X) 14.10 16.20 17.50 21.50 24.10 EV/EBITDA (X) 9.60 11.20 11.70 15.30 17.60 Div. Yield (%) 1.80 1.60 1.40 1.30 1.10
YE MAR 2015E 2014E 2013A 2012A 2011A
Also view research reports prepared by broker partners of Auerbach Grayson on Reuters, Bloomberg, FirstCall, FactSet, CapitalIQ, and TheMarkets.com
IMPORTANT DISCLOSURE ON LAST PAGE

Auerbach Grayson & Company, LLC th 25 West 45 Street, New York, NY 10036 Toll Free: 1 800 31 World Operations: 212 557 4478 Fax: 212 557 9066
Telephone: 212 557 4444
Web: www.agco.com
ANTIQUE STOCK BROKING LIMITED
FROM THE RESEARCH DESK
27 November 2013 | 4
Current Reco Previous Reco CMP Target Price
: HOLD : HOLD : INR945 : INR960
MANAGEMENT INTERACTION
Mahindra & Mahindra Limited

Through the Chairman's eyes
Mahindra & Mahindra hosted a call with chairman and managing director, Mr Anand Mahindra. He shared his views on the synergistic benefits from functioning as a conglomerate, competitive advantages of each vertical in a weak economic environment, and how his aspirations for globalisation of the group are actually more of a survival technique. The call reinforced our positive view on the group's ability to capitalise on the long-term growth opportunities. We have a Hold rating on the stock as the reasonable valuation (auto business at a P/E of 11.3x/9.8x FY14/15) is offset by a negative view on the company's current competitive cycle in utilityvehicles.
Potential Return : 2%
Ashish Nigam
+91 22 4031 3443 ashish.nigam@antiquelimited.com
Saksham Kaushal
+91 22 4031 3433 saksham.kaushal@antiquelimited.com
Key highlights from the call:

Synergistic benefits of being a conglomerate: Market data
Sensex Sector Market Cap (INRbn) Market Cap (USDbn) O/S Shares 52-wk HI/LO (INR) Avg Daily Vol ('000) Bloomberg
Source: Bloomberg
: : : : : : : :
20,425 Automobiles 582 9 616 1026/740 1,152 MM IN
Mr Mahindra shared his views on how functioning as a conglomerate provides all verticals of the group scope to benefit from synergies and varied linkages. Further, it also creates an allimportant bed-rock for values and core purposes for the entire group. With most businesses functioning independently, it also creates an entrepreneurial spirit among business heads, which can be nurtured by easy access to resources. Foraying into varied segments doesn't necessarily result in loss of focus: His vision is to create a large mobility brand where all segments (be it two-wheelers, commercial vehicles, or UVs) come under the overall mobility ecosystem. This vision comes from past experience where both tractors and UVs benefitted from the huge commonalties in the backend. Despite the group initially starting out on a very low scale and with a lack of technology, these back-end synergies between farm and auto segments has helped them not only survive, but survive with higher return on capital than most global players. The commonalities in raw material procurement, research and development, engine design, skill set can be shared across the entire mobility ecosystem. For example, it now gets global synergies with Ssangyong (besides common sourcing, they are now jointly designing a new petrol engine). Globalisation of the group - A unique survival technique: One of the key rationales for taking the group global is that it keeps them on their toes and hence helps them stay competitive, and ultimately survive. With all global players descending on India, Mr Mahindra was candid to share that the Group is definitely not safe in India if they are not competitive abroad. Hence, the plan will remain to go out and compete with the rest of the world as that is one of the best survival techniques. Weak economic cycle has thrown up opportunities for the Group: While the macro-economic environment is currently weak, the situation of the Mahindra Group isn't as bad. For example, IT (Tech Mahindra) has benefitted substantially from a weaker currency. The used car business (Mahindra First Choice) benefits in a price sensitive environment where buyers are tentatively allocating large capital. Tractors remain in an orbit of its own after the strong monsoon (the spill-over effects of which are yet to fully reflect in demand). With a weaker currency, Indian tourism (Mahindra Holidays) benefits from a temporary diversion in tourism from overseas travel to domestic. To some extent, even the automotive business has benefitted as the weak INR acts as an informal entry barrier for the overall manufacturing industry. Being a blue-blooded local player with high localisation levels, M&M has a competitive advantage against foreign original equipment manufacturers who are yet to ramp-up their vendor base in India.
Valuation
FY13 EPS (INR) PE (x) P/BV (x) EV/EBITDA (x)
Source: Bloomberg
FY14e 58.2 16.2 3.5 11.2 1.6
FY15e 67.1 14.1 3.0 9.6 1.8
53.9 17.5 4.1 11.7
Dividend Yield (%) 1.4
Returns (%)
1m Absolute Relative 9 10 3m 17 6 6m (2) (6) 12m 3 (7)
Source: Company, Antique
Shareholding pattern
Promoters FII DII Others
ource: Bloomberg
: : : :
25% 36% 17% 22%
Price performance vs Nifty

140 120 100 80 60 Nov-12 Mar-13 M&M
Source: Bloomberg
Jul-13
Nov-13 NIFTY
Pockets of growth in many international markets: While the Group's aspirations are global, it doesn't necessarily mean that they are exposing themselves to lower growth markets. For example, USA has been one of their fastest growing tractor markets as customers have been down-trading to relatively smaller Mahindra tractors. The alliance with CIE Automotive would bear fruit as the Spanish economy stands to emerge stronger after withstanding several austerity measures. Even Ssangyong's new line of lifestyle vehicles have benefitted from an evolving culture of weekend getaways among the South Korean youth. Hence, there are possibilities for grow in several global markets provided the right and relevant pocket of growth is recognised at an early stage.
We maintain our Hold rating!

While the call reinforced our positive view on the group's ability to capitalise on the long-term growth opportunities, we continue to have a negative view on the competitive cycle of the company's UV business. While their UV market share has already fallen to ~42% from ~55%, further market share loss looks inevitable. Till all competitors of strong repute haven't had their fair shot at this relatively untapped UV space, we would refrain from fathoming a guess about where M&M's UV market share will stabilise. We maintain our Hold recommendation with a target price of INR960 per share, owing to reasonable valuations - core auto business trades at a P/E of 11.3x/9.8x FY14/15e.
Our view:
UVs find the fancy of urban buyers (doesn't help M&M) What really kept the urban buyer away from the SUV space historically was the lack of an apt urban SUV in the market (Mahindra Bolero and Tata Sumo never fitted the bill). However, SUV as a product has found the fancy of the urban buyer, which is evident from the success of recent launches. Unfortunately for M&M, that's where the current growth is coming from. While the Mahindra brand (which is better associated in rural regions) is superbly equipped to counter competitors in Tier II and III cities, the brand conscious urban buyer might be swayed by an equally (if not more) competent product by a foreign OEM. UV market share
1.6% 3.3% 1.4% 19.7% 13.0% 1.8% 20.6% 13.2% 1.8% 19.0% 13.3% 14.3% 7.1% 6.0% 16.9% 8.0% 14.3% 5.3% 55.2% 53.7% 55.6% 11.2% 9.9% 17.2%
19.7%
17.0% 18.5%
20.3%
42.4%
47.1%
47.7%
42.0%
FY08
FY09
M&M
FY10
Tata Motors Toyota
FY11
FY12
Renault
FY13
Maruti
YTDFY14
Others (Ford/Chevy)
Source: SIAM, Antique
Mere upgrades may not be enough The Duster selling upwards of 5k units/month is a concern, given that the parent brand (Renault) is probably the weakest in India among all the foreign OEMs. It also makes us wonder what kind of numbers a similar product from a formidable competitor (Maruti, Toyota, Hyundai) might do. M&M's UV market share has fallen to 42% from 55% (gained by Maruti Ertiga, Renault Duster, Ford EcoSport) even as competitive pressures in the compact SUV space are at the tip of the iceberg. Besides the Ford EcoSport and Nissan Terrano, there are compact SUV launches expected from Maruti (XA-Alpha), VW (Taigun), Tata, Hyundai and Toyota over the next 2-3 years. On the other hand, M&M's product pipeline seems more skewed towards refreshments of existing UVs. To counter the upcoming competitor flurry, something like an XUV300 seems to be the need of the hour (mere refreshments of the Bolero, Scorpio, etc might not cut it with the urban buyer). While spy shots of the S101 (all new monocoque chassis; sub-four metre UV) looks to be a step in the right direction, it is to be expected only in FY16. We fear that might be too late. Tractors remain a ray of hope Notwithstanding the near-term concerns of over-capacity, the good monsoons should help maintain this buoyancy in tractors. For M&M in particular, should the lagging south Indian market recover, not only would it improve their market share (South India is their strongest market with a ~50% market share), but also improve their product mix and thereby margins (South India is a high horse power market).
Valuations/tractors the sole support to the stock Maintain Hold rating!

The auto business is facing issues which aren't exactly cyclical. Further market share loss looks inevitable. Till all competitors of strong repute haven't had their fair shot at this relatively untapped UV space, we would refrain from fathoming a guess about where M&M's UV market share stabilises. We maintain our Hold recommendation with a target price of INR960 per share owing to reasonable valuations - core auto business trades at a P/E of 11.3x/9.8x FY14/15e. SOTP Valuation
SOTP Core Auto Business (M&M + MVML) Value of Key Subsidiaries & Investments: (pro-rated) Ssangyong Tech Mahindra Mahindra Forgings M&M Financial Services Mahindra Lifespaces Mahindra Holidays & Resorts Total value of Key Subsidiaries & Investments Discount Holding company discount Net Value of Key Subsidiaries & Investments SOTP Value of Mahindra & Mahindra Ltd
Source: RBI, Antique
Methodology A Stake 70% 48% 53% 58% 51% 75% Market Value Market Value Market Value Market Value Market Value Market Value 10x FY15e Core EPS
Value (INRm) 417,610 53,191 100,722 2,197 85,374 8,318 16,114 265,916
Value per share 636 81 153 3 130 13 25 405 81 324 960
20% B A + B
53,183 212,733 630,342
Financials
Profit and loss account (INRm)
Year ended 31st Mar 2011
Revenues Expenses EBITDA Depreciation & amortisation EBIT Interest expense Other income Extraordinary Items Profit before tax Taxes incl deferred taxation Profit after tax Adjusted profit after tax Adjusted EPS (INR) 235,641 199,426 36,215 4,739 31,476 1,477 4,272 1,175 35,445 8,575 26,870 25,696 39.2
Key assumptions
2013 2014e
383,566 330,273 53,293 8,178 45,115 2,964 5,697 906 48,755 12,410 36,344 35,438 53.9 389,447 333,760 55,687 9,212 46,474 3,268 6,433 49,640 11,417 38,222 38,222 58.2
2012
313,811 272,198 41,613 6,699 34,913 2,874 4,735 1,083 37,858 7,887 29,970 28,888 44.0
2015e
442,918 378,836 64,082 10,772 53,309 3,431 7,398 57,277 13,174 44,103 44,103 67.1

UVs & UV Pick-ups Total Auto Volumes Tractor Volumes Total Volumes Growth: Auto Volumes Tractor Volumes Total Volumes 26.4 22.3 24.9 274,793 377,063 213,653 590,716
2012
354,967 483,246 235,452 718,698 28.2 10.2 21.7
2013 2014e
436,928 405,395 563,373 223,885 787,258 16.6 (4.9) 9.5 521,533 265,304 786,837 (7.4) 18.5 (0.1)
2015e
446,489 573,794 297,140 870,934 10.0 12.0 10.7
Cash flow statement (INRm)

EBIT Depreciation & amortisation Interest expense (Inc)/Dec in working capital 31,476 4,739 1,477 (8,498) (7,617) 21,275 (24,891) (15,682) 4,272 5,062 (7,423) (3,838) (11,283) 17,432 6,149
2012
34,913 6,699 2,874 4,548 41,702
2013 2014e
45,115 8,178 2,964 (21) 41,768 46,474 9,212 3,268 (5,139) 39,130 (13,073) 6,433 2,053 (11,529) (5,253) 18,227 12,974
2015e
53,309 10,772 3,431 471 (13,174) 51,378 (25,000) (18,302) 7,398 (35,904) 2,165 (13,067) (14,332) 1,143 12,974 14,1 17
Balance sheet (INRm)

Share Capital Reserves & Surplus Networth Debt Capital Employed Gross Fixed Assets Accumulated Depreciation Capital work in progress Net Assets Investments Current Assets, Loans & Advances Inventory Debtors Cash & Bank balance Loans & advances and others Current Liabilities & Provisions Liabilities Provisions Net Current Assets Deferred tax (assets)/liabilities Application of Funds 50,134 16,926 5,673 3,544 136,964 68,756 18,593 7,885 5,890 165,683 78,373 19,339 13,225 7,557 192,076 76,955 20,306 13,111 7,557 220,822 85,648 22,336 13,783 7,557 254,024 19,121 12,926 6,149 34,538 29,150 18,121 12,909 35,054 30,736 20,668 18,227 41,306 32,009 21,340 12,974 44,049 36,404 24,269 14,117 46,977 3,276 99,824 103,100 33,864 136,964 62,277 32,124 25,019 55,172 79,662
2012
3,285 119,574 122,859 42,824 165,683 94,277 38,823 13,362 68,816 94,872
2013 2014e
3,285 147,268 150,553 41,523 192,076 108,107 47,001 16,362 77,468 108,940 3,285 173,961 177,246 43,576 220,822 128,107 56,214 21,362 93,255 122,013
2015e
3,285 204,998 208,283 45,741 254,024 158,107 66,986 16,362 107,483 140,315
Tax paid CF from operating activities Capital expenditure Inc/(Dec) in investments Income from investments Inc/(Dec) in debt Others CF from financing activities Net cash flow Opening balance Closing balance
(5,541) (12,410) (11,417) (20,343) (16,830) (25,000) (15,210) (14,069) 4,735 8,961 (9,149) 6,760 6,149 12,909 5,697 (1,302) (9,992) 5,318 12,909 18,227
CF from investing activities (28,721)
(31,880) (25,202) (31,639)
(3,062) (14,257) (12,744)
Growth indicators (%)

Revenue EBITDA PAT EPS 26.7 22.5 28.7 14.3
2012
33.2 14.9 11.5 12.1
2013 2014e
22.2 28.1 21.3 22.7 1.5 4.5 5.2 7.9
2015e
13.7 15.1 15.4 15.4
Valuation (x)
P/E P/BV EV/EBITDA EV/Sales Dividend Yield (%) Core Auto P/E (incl MVML) Core Auto EV/EBIDTA Core Auto EV/Sales 24.1 6.0 17.6 2.7 1.1 16.6 11.8 1.8
2012
21.5 5.1 15.3 2.0 1.3 14.9 10.2 1.3
2013 2014e
17.5 4.1 11.7 1.6 1.4 12.1 7.7 1.1 16.2 3.5 11.2 1.6 1.6 11.3 7.4 1.1
2015e
14.1 3.0 9.6 1.4 1.8 9.8 6.3 0.9
Per share data

No. of shares (m) BVPS (INR) CEPS (INR) DPS (INR) 655.2 157.4 48.2 10.8
2012
656.9 187.0 55.8 12.5
2013 2014e
656.9 229.2 67.8 13.0 656.9 269.8 72.2 15.0
2015e
656.9 317.1 83.5 17.0
Margins (%)
EBITDA EBIT PAT Source: Company, Antique 15.4 13.4 10.9
2012
13.3 11.1 9.2
2013 2014e
13.9 11.8 9.2 14.3 11.9 9.8
2015e
14.5 12.0 10.0
Financial ratios
RoE RoCE Debt/Equity (x) EBIT/Interest (x)
Source: Company Antique
2012
23.5 26.0 0.3 12.1
2013 2014e
23.5 28.9 0.3 15.2 21.6 26.5 0.2 14.2
2015e
21.2 25.5 0.2 15.5
24.9 31.9 0.3 21.3
Important Disclaimer:
This report is prepared and published on behalf of the research team of Antique Stock Broking Limited (ASBL). ASBL, its holding company and associate companies are a full service, integrated investment banking, investment advisory and brokerage group. Our research analysts and sales persons provide important inputs for our investment banking and allied activities. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but do not guarantee its accuracy or completeness. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without any notice. ASBL or any persons connected with it do not solicit any action based on this report and do not accept any liability arising from the use of this document. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information. The research reports are for private circulation and are not to be construed as, an offer to sell or solicitation of an offer to buy any securities. Unless otherwise noted, all research reports provide information of a general nature and do not address the circumstances of any particular investor. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. ASBL its holding company and associate companies or any of its connected persons including its directors or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained, views and opinions expressed in this publication. ASBL its holding company and associate companies, officers, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as advisor or lender/borrower to such company(ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. ASBL, its holding company and associate companies, directors, officers or employees may, from time to time, deal in the securities mentioned herein, as principal or agent. ASBL its holding company and associate companies may have acted as an Investment Advisor or Merchant Banker for some of the companies (or its connected persons) mentioned in this report. The research reports and all the information opinions and conclusions contained in them are proprietary information of ASBL and the same may not be reproduced or distributed in whole or in part without express consent of ASBL. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. Analyst ownership in stock No
Nirmal, 2nd Floor, Nariman Point, Mumbai 400 021. Tel. : +91 22 4031 3444 Fax : +91 22 4031 3445 www.antiquelimited.com
Antique Stock Broking Limited
www.agco.com
The attached research report and excerpts from the research report found on the first page were written entirely by a broker partner of Auerbach Grayson, and not by Auerbach Grayson.
IMPORTANT DISCLOSURE
The attached research report was prepared by the broker partner named the research report and is current only as of the date of the research report. The research report was not prepared by Auerbach Grayson & Company and the broker partner that prepared the research report is not an associated person of Auerbach Grayson & Company. The broker partner named on the research report and its research analysts are not members of the Financial Industry Regulatory Authority and are not subject to the FINRA Rules on Research Analysts and Research Reports and the attendant restrictions and disclosures required by that rule.[If the report is to be distributed to more than major U. S. Institutional Investors Auerbach Grayson & Company accepts responsibility for the contents of this report as provided for in SEC Releases and SEC staff no-action letters.] All persons receiving the attached research report and wishing to buy or sell any of the securities discussed in the attached research report should do so through a representative of Auerbach Grayson & Company. Auerbach Grayson & Company and its affiliates do not own one per cent (1%) or more of any class of equity securities issued by any of the companies discussed in the attached research report. Auerbach Grayson & Company and its affiliates have not received any investment banking compensation from any of the issuers discussed in the attached research report in the past twelve months, and does not intend to seek or expect to receive investment banking compensation from any of the issuers discussed in the attached research report in the next three (3) months. Auerbach Grayson & Company has not acted as manager or co-manager of any public offering of securities issued by any of the companies discussed in the attached research report in the past three (3) years. Neither Auerbach Grayson & Company nor any of its officers own options, rights or warrants to purchase any of the securities of the issuers whose securities are discussed in the attached research report. Auerbach Grayson & Company does not make a market in any of the securities discussed in the attached research report, and it and its associated persons do not stand ready to buy from or sell to any customers, as principal, any of the securities discussed in the attached research report.
Telephone: 212 557 4444
Web: www.agco.com
www.agco.com
Trading: 212.557.4444 Operations: 212.557.4478 Fax: 212.557.9066

Executive David S. Grayson Charles Gushee Garth Ballantyne Frank Muller Sales Colin Bell Bob Jenney Erik Lam Duke Shin Sondra Sondak Simon Mandel Richard Ross Chris Dodson Elena Castro Michael Daoud Kenneth Pryce Briggs Fraser Irem Duzovalilar Ugur Sarman Srikanth Ramanathan Nikhil Bhatnagar Stephan Lueck Trading Geoffrey Gimber Angela Valeroso David Sweet Mike LoPiano Pete Peters Danielle Simon Steven Pollicino John Krase John Geron Alan Kostrinsky 1.212.453.3553 1.212.453.3511 1.212.557.4444 1.212.453.3518 david@agco.com cgushee@agco.com gballantyne@agco.com fmuller@agco.com
Managing Director Managing Director, Global Sales Managing Director, Global Trading Managing Director, Global Operations
Director Africa, Middle East, South Asia African Equity Sales Asian Equities Asian Equity Sales Asian Sales Emerging Europe & CIS Global Tech Analyst Japanese Equities LATAM / Western Europe Africa & Middle East Swiss Equities Swiss Equities Turkish Sales Turkish Equities South Asian Equities South Asian Equities Austrian & German Sales
1.212-453-3507 1.212-453-3510 1.212-453-3570 1.212.453.3528 1.212-453-3509 1.212.453.3571 1.212.453.3575 1.212.453.3541 1.212.453.3540 1.212.453.3586 1.212-453-3526 1.212-453-3548 1.212.453.3559 1.212.453.3589 1.212.453.3561 1.212.453.3573 1.212.453.3538
cbell@agco.com rjenney@agco.com elam@agco.com dshin@agco.com ssondak@agco.com smandel@agco.com rross@agco.com cdodson@agco.com ecastro@agco.com mdaoud@agco.com kpryce@agco.com bfraser@agco.com iduzovalilar@agco.com usarman@agco.com sramanathan@agco.com nbhatnagar@agco.com sleuck@agco.com
Asian Trading Asian Trading Asian Trading Asian Trading Asian Trading EMEA/ Western Europe EMEA/ Western Europe Emerging Market US Equities Trading Global Express
1.212.557.4444 1.212.557.4444 1.212.557.4444 1.212.557.4444 1.212.557.4444 1.212.557.4444 1.212.557.4444 1.212.557.4444 1.212.557.4444 1.212.453.3525
ggimber@agco.com avaleroso@agco.com dsweet@agco.com mikelopiano@agco.com ppeters@agco.com dsimon@agco.com spollicino@agco.com jkrase@agco.com jgeron@agco.com akostrinsky@agco.com
Trading Desk Hours (New York Time) Sunday 4:00 pm to Friday 5:00 pm (24 Hours) * After trading hours, please call 1-212-557-4444 and you will automatically be connected to a trader. Research Kevin Keefe Information Services Ismael Sadek Settlement
Research Coordinator
1.212.453.3549
kkeefe@agco.com
Info. Technology
1.212.453.3512 1.212.557.4444
www.agco.com
isadek@agco.com ops@agco.com
Telephone: 212 557 4444
Web: www.agco.com

Mahindra & Mahindra 4

Uploaded by

Copyright:

Available Formats

Mahindra & Mahindra 4

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Mahindra & Mahindra 4

Uploaded by

Copyright:

Available Formats

RESEARCH REPORT DISTRIBUTED BY: