"Maruti within the four-wheeler pack remains on our buy watch list. Within the two-wheelers, TVS has produced another set of brilliant numbers quarter after quarter. The expectations in terms of margins remaining in that range of 10.5%, 11%. In telecom, even if it is not a scenario where hikes can be substantial but they will come in the next few quarters and can create a huge impact. We remain optimistic on Airtel ."
