Nomura Sees Mahindra as Top Auto Pick, Cautious on Bajaj Despite EV Scooter Launch

Mahindra & Mahindra's latest SUV launches have drawn a surge of bookings, prompting Nomura to double down on the stock as its top automobile pick. The brokerage estimates that electric vehicles account for 15% of the combined order book of the two models, with a strong initial booking momentum presenting an upside risk to its volume assumptions. Meanwhile, Bajaj Auto's cheaper electric scooter aimed at mass buyers has left Nomura with limited upside, and the brokerage remains neutral on the stock.