volumes along with offering a good pricing power and better margins to Apollo. We continue to remain sanguine on Apollo Tyres (Apollo) with an upgraded target of Rs307 (Rs 275 earlier), now valuing the company at 12x FY 20E earnings. Domestic tyre demand gains momentum as vehicular demand moves up Apollo's Q2 FY18 volumes increased by 10% yoy as truck OEM business flourished by 40%. Truck Replacement business grew by mid-single digit while PV demand also grew in a similar range. Improving industrial activity, good monsoon and relief post BS IV transition and GST implementation led to strong OEM truck demand. PCR sales were...