We believe that the stock has run ahead of fundamentals while outperforming its global peers. Further, the current stock price doesn't capture LME price risk, and also the overall cost is likely to head northwards. However, persistent and widening deficit in global markets (ex-China) on the back of strong demand growth and limited new supplies continues to deplete inventories and could aid a rally in aluminium prices thus posing a risk to our call. At CMP, the stock trades at 8xFY19E EV/EBITDA. We maintain our REDUCE recommendation on the stock with an...