have shot up by Rs600mn on a yoy basis and the company also continued to book inventory loss (adjusted in raw material costs). JSHL also reported exceptionally high Effective Tax Rate (ETR) of 48.6% in the quarter, resulting in a slump in PAT. However, the bottom-line was shored up through exceptional MTM FX gain of Rs218mn as rupee appreciated 3.5% through the quarter as compared with loss of Rs58mn sequentially. Revise estimates; downgrade to Hold: Though the domestic demand should structurally remain strong given the low per capita consumption of Stainless Steel, the threat of dumping...