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ICICI Securities Report
September 2020 dispatches are a sign of strong festive demand expectations of original equipment manufacturers as second phase of festive season kicks off in October 2020 post ‘pitrupaksh’ and ‘Adhik mass’; however, channel inventory has started to exceed normal levels (our estimate five to six weeks) in October 2020.
Thus, we expect wholesales to start tracking retail trends post October 2020, sustained production growth would remain contingent on retail off take.
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