Can anyone help please with this Hispano 20mm round? ( Sorry it's come up sideways!)

I know the cartridge is British, headstamp is K2 1942.
It's the projectile I'm questioning. I think it's Explosive, but not sure if it's Incendiary as well.
The markings on it are CE IZ, with a small M above. On the fuze is 253/1/M.
There are traces of red within the lettering on the projectile, so I'm wondering if it would have been red originally?
Many thanks
Roger

I know the cartridge is British, headstamp is K2 1942.
It's the projectile I'm questioning. I think it's Explosive, but not sure if it's Incendiary as well.
The markings on it are CE IZ, with a small M above. On the fuze is 253/1/M.
There are traces of red within the lettering on the projectile, so I'm wondering if it would have been red originally?
Many thanks
Roger