HMCL remains our preferred play in autos on domestic demand revival led by increasing preference towards personal mobility due to safety needs and pick up in rural volume. Strong product portfolio in entry and executive segments with more than 60% shares, deep rural/semirural network reach (rural contributes to 50% volume), and strong supply chain management are key positives. We recognize the company's efforts to increase its overall market share (+500bps YoY to 41.6%) in 2W space. The company preempted pent-up demand after lockdown and readies operations to meet the same. As supply situation is much better compared to its...