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“In terms of recommendation, we are not positive on the whole space at all. We believe with CV cycle having recovered back to almost FY19 highs in terms of tonnage adjusted volume, we expect a peaking out of the cycle by FY25. With all the CV stocks building in the FY25 fundamentals, we do not see any upside in CV stocks as such. We do not have any buy recommendation from a CV business perspective as such.”

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