Rain Industries Q2CY18 result was slightly ahead of our forecasts. Sales increased 15.1% QoQ to Rs38,126 mn led by higher CPC volumes. Although Carbon Products EBITDA/tonne fell 15.1% QoQ to $110; nevertheless, CPC volumes (a concern in Q1CY18) recovered 21.8% QoQ to 474 kt. Overall, EBITDA was better than our forecast at Rs7,017 mn (+8.5% QoQ) on better than expected Advanced Carbon Materials (ACM)...