Farm sentiments are bullish with VST seeing healthy demand for its product profile. Key highlights from the call include: (i) VST expects tractor sales volume to grow ~10-15% in FY21E with power tiller sales volume growth guidance at 15-20% in FY21E; (ii) Noticeably, more and more farmers are buying power tiller on cash basis (~58-59% in July 2020) and not withholding purchase for want of state subsidies, a big positive surprise; (iii) VST is in final stages of negotiation for tie-ups in the contract manufacturing space for power tillers given the import restrictions (lower price points;...