TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with a market share of 13.9% in FY20. We believe sentiments in the rural is positive and urban demand is cautiously optimistic. Higher export, stability in exchange rate and pent up demand are currently driving the industry numbers. Q2FY21 revenue came marginally below our expectation at 6%YoY due to muted volume demand of 2%YoY. However, premium product mix, higher export and price hike led to the growth....