Even by pre-monsoon standards, the realizations were way-above-expectations. Thereby, in a seasonally-lean quarter ahead, the sequential drop in realization, we suspect, could be sharper. Add narratives on housing walking the talk, ACEM may end up CY17, as expected, with 78-80% in capacity utilization. Come 2018, fuel from Gare Palma, a coal block, will fire a quarter of kilns. Further, with alternate firing a tenth, the balance two-thirds could be met by Pet-coke. As a...