PV segment : Passenger vehicle sales were better than our expectations (-4.9% YoY vs -6.2% YoY) in this month due to year end clearance discounts and prebuying, inventory has came down to normal levels which would further aid to the transition from BS-IV to BS-VI. After a sharp decline in previous month in December, major Auto players namely Maruti Suzuki, M&M; reported a growth in volumes led by strong retail demand, heavy discounts, new launches and ongoing marriage season. However, Hyundai, Honda and Toyota saw a degrowth on yearly basis. While, Tata Motors domestic sales fell on account of lower inventory on hand on yearly basis but sequentially it improved .Few players are expecting a growth in sales in next few months due to lower prices which will help to clear out existing BS 4 inventory before year end....