Motilal Oswal has recommended a buy rating on Mahindra and Mahindra in its research report.

"M&M is still relatively cheap trading at nearly half the valuations of that of peer Maruti. We remain bullish on the macro growth picture for passenger cars in India. M&M has gone from strength to strength during the quarter. Its market share in overall tractor sales stands at +40%. It is also expected to benefit from the Government's thrust on the development of the rural economy. We also believe that within passenger cars, UVs will increase their market share consistently over the next few years. We maintain an overweight stance on the sector. Buy," says Motilal Oswal's research report.