In November 21, Overall Indian Auto industry struggled to recover from sluggishness primarily led by 2W and Tractors. The Passenger Vehicle (PV) segment reported volume drop primarily owing to semiconductor shortages although demand remains strong. The Domestic 2W market continues to exhibit weakness due to subdued demand. The CV segment reported volume recovery was primarily due to lower base, higher Infra spending and increased freight movement across India while the Tractor segment performance impacted due to cyclical downturn. Our top picks are MSIL & SonaComs. MSIL is well placed to address turnaround in Indian PV market...