We raise our estimates and target price to Rs144; Maintain BUY. Key Highlights and Investment Rationale Strong growth in Carbon Products continues: During Q2CY17, Carbon Products segment EBITDA stood at Rs4,002 mn (+6.8% QoQ, +19.2% YoY). Chemical and Cement segment profitability falls: Chemical EBITDA fell by 35.1% YoY to Rs465mn due to unfavourable forex exposure and higher raw material costs; segment margins are likely to improve from Q3CY17. Cement EBITDA also fell 42.5% YoY to Rs211 mn on lower volumes and higher costs....