Festive season demand, high kharif output, new product launches, improving supply side constraints should drive the growth momentum in upcoming quarter. Hence, we upgrade our rating on the stock to BUY with a revised TP of Rs. 751 based on 24x FY22E adj. EPS. On track to recovery with tractor sales leading from front Q2FY21 revenue rose 44.4% QoQ (-1.5% YoY) to Rs. 23,567cr on the back of improved demand seen in both farm equipment and auto segment. Among its largest segments, Automotive segment revenue grew 70.2% QoQ (-8.1% YoY) to Rs. 11,081cr, while...