We continue to remain positive on TTSP's strong business model. The recent increase in iron ore costs and coal prices (due to INR depreciation), we feel spread would remain subdued in the coming quarters as well. Factoring this, we have revised our earnings estimates downwards to Rs96.8 (earlier Rs98.5) and Rs89.4 (earlier Rs98.7) for FY19E and FY20E, respectively. Sponge iron realisation declined by Rs2,700/tonne from its high of Rs26,700/tonne in the month of September 2018. Post the recent correction in the stock price, we feel at CMP, the stock is trading at 2.6x FY20E EV/EBITDA, is attractive and risk-reward is favorable....