We have revised our TP upwards to Rs190 and retain a BUY rating as we remain confident of Lumax Auto Technologies' (LATL) diversified products and strong aftermarket presence. With a new diversified order book of Rs4bn (~35% of FY20 revenue), we feel that LATL is well poised to cater to a wide array of clients and display its product expertise. A market leadership position in gear shifters should benefit LATL as the shift from manual to automatic cars picks up pace. New BS-VI led products like Urea Tank have started showing solid progress and we maintain our view (IC Link) that the new age products (oxygen sensor, telematics, antennas, and gear shift towers) will further elongate its growth path....