We retain our BUY rating with a revised TP of Rs1,790 as we remain confident of Lumax Industries' (LMXI) well-diversified client mix and strong backing of Stanley. While 3QFY21 revenue lagged the industry production growth by a whisker, we think that that accounts like Tata Motors and Hero MotoCorp (HML), which are displaying strong growth, should offset any decline arising from an unfavourable model mix. LMXI is not facing any semiconductor issues due to Stanley's global support and this auger well for the company. We stick to our view that LMXI being...