Jan/Feb registering double digit growth in monthly traffic to 14.6mn/14.0mn luggage sector, given price environment continues to remain competitive, growth is likely to be driven by volumes. Overall, aviation and hospitality are key beneficiaries of Maha Kumbh. Within our hospitality coverage universe, we expect RevPAR growth to be in mid-teens for Chalet and Lemon Tree. As for Indigo, we expect yields to remain flat with a top-line of Rs218bn and EBITDAR margin of 28.5% (excluding FX loss/gain). We prefer Indigo and VIP at current levels and have upgraded IRCTC to a BUY....