We expect Rs40-50/t savings in energy costs in Q4FY19 due to the decline in petcoke prices. After Q2FY19, pet coke prices were down by 20-22% in the US/Saudi Arabia and 8% in the domestic market. Note that 40% of petcoke used by the industry is imported. We would wait for the price hikes in the South region to stabilize as the prices remain volatile there. Our preferred picks in the sector are ACC, UltraTech and JK Cement. Though South-based companies would see earnings upgrades if current cement prices...