A farmer drives a Mahindra 475 DI tractor, manufactured by Mahindra & Mahindra Ltd., through an areca nut farm in the village of Kuragunda in Karnataka, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

India’s Top Auto Stock Hits A Record. But It’s Still Not Expensive

Mahindra & Mahindra Ltd. has risen the most among automakers so far this year. Yet, it’s still cheaper than its long-term valuations.Shares of the maker of tractors and utility vehicles rose to...