We believe commercial vehicle (CV) sales are back on track driven by pent-up demand after GST kicked in, healthy replacement-led demand, especially in the tractor-trailer segment, and an uptick in construction and mining activity, driving demand for tipper trucks. With the sales of both LCV's & M&HCV;'s growing rapidly post implementation of GST, the overall CV segment growth should continue in FY19/FY20E. We believe sales of HCV's and demand for the 25TN and above segment will remain buoyant. Also factors such as stricter overloading norms and better fuel efficiency are aiding the shift to higher tonnage CV's. Due to better fuel efficiency...