MM hikes tractor prices by ~2.5%. Supply shortage in MM leads to lower dealer inventory of ~12-15 days while demand remains positive. Our interaction with leading channel partners and experts indicate robust recovery in rural and Tier2/Tier-3 belt. 2W/PV segment witnessed i) higher inquires for entry level segments (~30-35% recovery in inquiries across the segments) led by pent up demand and increased preference for personal mobility and, ii) lower cancellation rates for pre-lockdown bookings (~5-10%). Escalation of lockdown has certainly impacted urban demand which...