Earnings call highlights: a) Management maintains double-digit margin target by 4QFY18. b) Taken price hike of INR250/unit in Sep-17; further price increase expected in future to pass cost inflation. c) New launches in motorcycle and scooter segments in 2HFY18 (incl. electric scooter). d) Growth momentum in exports to continue. e) Post acquiring 100% stake in TVS Motor Services, it has 85% stake in TVS Credit Services (NBFC arm). f) Proposed interim dividend of ~INR2/share (v/s FY17 dividend of INR2.5/sh). Valuation view: We upgrade EPS for FY19/20E by 5%/3%, driven by upgrade...