We maintain our Hold rating on Tata Sponge (TSIL) with a revised TP of Rs1130 as we see valuations fair with historic high spreads having marginal downside risks and surplus cash on books expected to be deployed as CWIP in the steel plant capex over the next few years. Q4 earnings were very strong YoY led by better pricing and solid volumes. TSIL's spreads in sponge iron business have continued to improve but sustenance of the same at current high levels for long periods of...