competitors as long as technology is concerned. Wide client base reduces uncertainty of customer concentration 2W - Gabriel being the second largest shock absorber manufacturing company after Munjal Showa in the 2W segment (contributing 58% of revenues) growing at 25% in Q1 FY19 has a huge client base including all the big OEMs except HMCL in that space(Munjal Showa being their inhouse sole supplier). Gabriel is the largest vendor of HMSI, and fancies great chances to acquire secured long term business with HMSI's aggressive expansion of capacities and launch of new products. In order to cater to HMSI's requirement of front forks at its Gujarat plant where they are expanding their capacities (upcoming capacity of 1.2 mn), Gabriel has set up a capex of Rs50...