Balance sheet discipline to determine stock performance Tata Steel reported consolidated EBITDA of INR 64.7bn, in-line with JMfe. Indian operations delivered a multi quarter high EBITDA per ton of INR 17k driven by higher realisations. Corus performance improved significantly, driven by higher realisation and better operational efficiency. Strong performance in standalone and European operations were significantly offset by an adverse forex movement of c.INR 11bn at financing entities. Bhushan Steel reported an EBITDA of 46bn in 1QFY19 implying an EBITDA/t of INR 9.7k/ton. We continue to remain positive on the steel cycle and factor in normalized spreads for Indian and...