In Jul 21, Indian Passenger Vehicle (PV) segment reported robust recovery on the back of higher preference to personal mobility, pent up demand and opening of dealerships across country. Tractor segment has also shown YoY growth and is expected to continue its momentum on account of better Key Kharif crops higher MSP and Monsoon revival. CV segment also reported decent recovery although on low base. However, domestic 2W market continues to struggle and remain muted. We believe, 2nd covid wave has hit bottom of workforce pyramid harder and hence the commuter segment is likely to take time to recover....