JLR base effect kicks in, India CV business- cyclicality to prevail! Thus far, Tata Motors' JLR brand has been suffering from a prolonged softness in sales volumes, with the China geography proving to be a particular pain point. Total JLR volumes for Q1FY20 were at 1.18 lakh units, down ~10% YoY. Encouragingly, however, in June 2019, JLR reported a volume growth of 15% YoY, albeit on a lower base. With base effect kicking in at JLR, going forward, we expect its volume growth to be in positive territory. However, it will still be marred by hovering concerns over Brexit...