India Ratings and Research (Ind-Ra) has affirmed Mahindra & Mahindra (M&M) Long-Term Issuer Rating at 'AAA'. The Outlook is Stable.

M&M has a leadership position in the domestic market for tractors and utility vehicles (UVs), with market shares of 42.7% and 29.2% (in volume terms), respectively, in FY17 (FY16: 40.9% and 37.9%).

The company is also the number one player in the light commercial vehicle (LCV) segment with a share of 42% in FY17 (FY16: 41.7%). The farm equipment (FE) and auto businesses together accounted for over 80% and over 85%, respectively, of consolidated revenue and profit before interest and tax (segment results) for FY16.

In 9MFY17, the tractor and UV segments continued to be the revenue and profit drivers, with domestic operations registering year-on-year growth of 9% and 6.2% in net revenues and PBT, respectively.

Shares of the company gained Rs 10.3, or 0.75%, to trade at Rs 1,387.00. The total volume of shares traded was 23,357 at the BSE (9.52 a.m., Thursday).