Structural positives: Low car penetration, GST Rationalization: Although India is the world's third largest passenger vehicle market, car penetration still remains low (at ~30 cars per 1000 people) vs. global average, developed economies in the West & China. With rising per capita income, this represents healthy long term growth longevity for domestic PV space with HMIL a clear beneficiary. Further, Government has announced GST 2.0 reforms thereby reducing GST rates for the automobile sector across the segments and value chain. Small cars will now attract...