ITC's Q2FY19 results came marginally ahead of our expectations. The cigarette business posted ~6% volume growth which was marginally better than estimate of 5%. The company reported strong 12.7% jump in FMCG business. Further, a 12.8% revenue growth in Agri businesses was encouraging as the business reported growth in the second consecutive quarter after lackluster performance in prior four quarters. Volume growth in cigarette business is continuously improving, which is a key positive. Going ahead, we believe that the volume growth would continue to...