Buy Swaraj Engines CMP (Rs.) 1,630 Target (Rs.) 1,891 Upside (%) 16.0
Rationale: Swaraj Engines is engaged in the business of manufacturing diesel engines and hi-tech engine components. Diesel Engines are specifically designed for tractor application. Going forward, we expect recovery in the tractor industry (due to robust Rabi crop production, hike in MSP & the forecast of a normal monsoon) will benefit players like Swaraj Engines.