Volumes witnessed a soft growth in Q2 on the back of high base, higher insurance cost, competition, rival launches and somewhat slowdown in retail demand. Furthermore, safety and emission norms implementation would result in demand fall again as product prices move up. Upcoming new launches of scooters and a premium bike may provide some support. Modelwise, in the 100-125 cc motorcycle segment through Deluxe, Splendor and Glamour, Hero is strengthening its position and has maintained it's market share in Q2. On margin front, higher RM prices, higher launch costs, withdrawal of Haridwar tax benefits, competition from rivals especially in the mass segment may impact margins along with setting up of new plants in...