M&M, a defensive play in auto segment : Emkay Global

What about M&M?

Ajay Parmar: The auto segment, I like Bajaj Auto. First reason is that they have physically not insulated from. They are not affected because of the interest rate hike because 85% is self financed plus the raw material content in Bajaj Auto or 2 wheeler is only 25% in terms of steel while CV it is 45%. So in terms of that Bajaj Auto is there. M&M is a story which is more on the rural front. So definitely it is more a defensive play in the entire segment.

So yes, Bajaj Auto and M&M while if you look at Ashok Leyland again because of the position in the CV, they will be more affected due to the rise in the raw material cost. M&M is a defensive play in the entire segment.