TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with a market share of 13.9% in FY20. Q1FY20 revenue de-grew by 68%YoY due to sluggish Industry demand and production lock down in April & May month. Sales volume declined by 71%, dragging the firm into operating losses of 50cr, added up by higher material and fixed cost. Despite taking price hike in Q1 and July by 1.1% we believe TVS could not pass the full BS6 cost due to weak demand and...