-- The last few months have seen heightened volatility in equity markets globally on the back of import tariff announcements by the US and China
-- Interestingly, despite the worsening macro situation, there are visible green shoots of cyclical recovery in earnings growth which augurs well from a bottom-up stock selection stand-point
-- The Auto sales numbers released for the March month indicated robust growth for many Auto companies
-- The commercial vehicle space is expected to be a beneficiary of the vehicle scrap page policy where vehicles older than 15 years will be phased out & restrictions on overloading of vehicles will be enforced
-- We continue to focus on high quality businesses with decent growth prospects that could be the primary beneficiaries of the expected economic growth over the next 2-3 years.