Mahindra & Mahindra shares may rally up to 22%, brokerages say after Q2 results. Should you buy, sell or hold?

Nomura and Nuvama reiterated ‘Buy’ ratings on Mahindra & Mahindra after strong Q2 results, projecting up to 22% upside on robust SUV demand, farm segment growth, and rising margins driven by new launches and PLI benefits.