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Nomura has identified three auto stocks with potential upside: Mahindra & Mahindra, Hyundai Motor India, and Maruti Suzuki. The brokerage sees up to 22% upside in Mahindra & Mahindra, citing strong SUV demand, new launches, and PLI approval for BEVs. Hyundai Motor India's new Venue is expected to unlock growth in H2, while Maruti Suzuki is expected to see improved hatchback demand in the short term. Nomura maintains a 'Buy' rating on Hyundai Motor India and Maruti Suzuki, with target prices of Rs 2,833 and Rs 2,500, respectively.

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