Steady operations going on in aluminium smelters, refineries and copper plant as well. Most of the operating leverage related improvement has been factored in already. The focus is now on the ramping up of downstream VAP capacity in both metals No major capex is likely to be spent and the company expects Rs 60 bn total capex for next five years including the Utkal refinery expansion from 1.5 mtpa to 2 mtpa, downstream facility ramp up and maintenance. Coal integration to be better growth is expected, but product mix improvement will continue. US and Europe are likely to do better. While, Asia is likely to remain steady, Brazil stays a concern in the near term...