Credit Suisse downgrades Indian automaker Mahindra & Mahindra to 'neutral' from 'outperform' and recommends investors switch to Maruti Suzuki instead.

The investment bank says Mahindra & Mahindra's product cycle in utility vehicles will peak while also pointing to its lower-than-expected tractor sales.

By contrast, Credit Suisse says Maruti's Ertiga utility vehicle is seeing "phenomenal success."

Maruti is set to unveil its new Alto 800 model later in the day, the third version of its popular entry-level vehicle.

Mahindra & Mahindra shares up 0.8 percent while Maruti Suzuki shares gain 1.2 percent.

(Agencies)

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