Business activity, which gained momentum from May, saw phase wise pickup in manufacturing & related supply chain activities. With further easing of restrictions, the momentum stayed on the positive trajectory MoM. As per management, volumes have normalised in September (also confirmed by EWay bill generation). The management expects economic growth to grow in the positive territory in H2FY21 (channel filling amid festivities). Revival of SME sector remains key to TCI Express' fortunes. It is expected to tide over the current volatility by continued automation, enhancing technological capabilities and reducing field footprints. We expect the company to report a revival in revenue growth from FY22 driven by new branch additions &...