No massive positive surprise this time round HUL delivered another strong quarter but that is somewhat par for the course now, considering its recent results delivery plus the stock's heady valuation (59x NTM EPS). There was no massive surprise element this time round, though, to drive another leg of decisive upmove from an already elevated level, in our view. The stock had rallied 8-10% each after 2Q-3QFY18 results and up a massive 16% between 4QFY18 report and now - we expect reaction to be more lukewarm this time round, given that there was nothing in 1QFY19 report to prompt another round of earnings-upgrade. Key numbers: 12% volume growth...