Overall outlook positive, we expect YoY growth to remain lower (v/s earlier expectations) as second wave affected rural and semi-urban markets. Vehicle demand is further impacted by rising petrol/diesel prices (+10% over March-21 levels), higher vehicle prices and market concerns about third COVID-19 wave. However, channel filing and lower inventory will keep the wholesales abreast. With inventory levels inching to normalization discounts may also rise if the retail demand remains subdued. Among segments we believe, CVs (led by healthy fleet utilization and demand from infra segment) and PVs (new model launches and personal...