Prebuying to be the short term focus, economy being the long term one Good performance despite lots of headwinds Ashok Leyland (ALL)'s Q3 FY17 results reported sales higher by 7.7% yoy on a slow 8.4% yoy volume growth led by the demonetization implementation at the start of November. However the company managed to gain market share quite handsomely at 33.7% from 30.1% yoy on rapid network expansion and higher discounts. Realizations fell by 1% as discounting increased and no price hikes were taken in the quarter. Margins came in 60 bps below yoy at 10.3% as RM costs started moving up and discounts were also raised at ~ 3,00,000 per vehicle as...