Hero MotoCorp (HMCL) 2QFY21 numbers were broadly in line estimates. EBITDA increased by 17% YoY to Rs.12.8bn with margin at 13.7% (-81bps YoY). Increase in RM prices was offset by cost control measures and better operating leverage. The management sounded positive on domestic sales outlook with demand back to pre Covid level, expecting momentum to continue into the festive season. Festive sales have started off well for the company and retail sales reached 96% of last year during the Navratri period...