Strong domestic show saves the day, retain Hold We maintain our Hold rating on IFGL Refractories as we see limited scope for further re-rating after stock's large outperformance to MNC peers in line with our view in last one year. Q2 performance was a mixed bag with domestic operations delivering strong results largely negated by weak results across all overseas subs. We continue to like IFGL's operationally sound high-quality global assets and expect strong earnings growth driven by i) increased share of higher-margin subs and ii) recovery in steel production in key markets of US/Europe/India (aided by...