Refer to important disclosures at the end of this report A rejuvenated 2019; reiterate Buy APAT has announced the acquisition of a 200k ton plant in Hyderabad from Shankara Building Products for Rs700mn after a solid 4Q sales volume growth (+39% yoy). APAT's total capacity is now 2.3mn tons, which is 28% of the Indian steel pipe industry. Key benefits from this plant are: high-margin products of 155k tons, reduction in logistics costs for Andhra Pradesh market and 29acres of land area (viable for future expansion). To add, Shankara will buy 250k tons of pipes from APAT annually....