Given near-term weak demand outlook and transition phase of BS-VI, we maintain our HOLD rating on the stock with a roll forward price of Rs. 15,314 based on 25x FY22E adj. EPS. Revenue improves sequentially, down YoY Total revenue decreased to Rs. 2,537cr in Q3FY20 (down 15.7% YoY) due to weaker demand from OEM's and structural changes due to BS-VI transition. Automotive products segment revenues fell 15.5% YoY to Rs. 2,143cr and revenue from others division declined 19.7% YoY to Rs. 408cr. Mobility business sector decreased 25.8%...