Zinc market remains tight even as demand growth is modest on lag in supply response. Thus, the price outlook remains bullish. At zinc LME of USD3,400/t for FY19E, the stock is trading at 6.4x EV/EBITDA, leaving limited upside potential. Maintain Neutral with a TP of INR322/sh. based on 6.5x FY19E EV/EBITDA....