M&M BULLISH VIEW; uptrend projected due to positive GDP estimates

The agricultural estimates of GDP shows that the demonetization impact on agricultural sector was absent where it triggers the expectations of increasing tractor sales to be vigorous in coming days. Though there was a steep fall in the sales of commercial vehicle and exports, it had a continuous positive trend from past 2 months and its tractor sales grew 11% at 15,007 units against 13,574 units YoY. The strong supply chain is also observed as gearing up aspect further strengthening the upward trend.