We expect JSTL's margins to inch up, going forward as the steel prices continue to remain strong in global steel markets driven by a surprise demand spurt in China. Moreover, the steel demand in domestic markets appears to be strong, which would drive the domestic steel prices further. Despite these positives, the valuations seem to be prohibitive especially following the sharp run-up in the stock price. However, we believe that JSTL continues to be the best bet on domestic steel space due to efficient operations and lean cost structure. Thus, we...