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Neutral on TVS Motor, target price Rs 354: Motilal Oswal

Neutral on TVS Motor, target price Rs 354:  Motilal Oswal

TVS Motor’s (TVSL) FY20 annual report highlights the potential impact of COVID-19 on demand. While recovery is expected only from 2HFY21, social distancing norms could be an opportunity for the two wheeler (2W) industry.