Tata Steel's standalone EBITDA/t was down 13%/10% qoq/yoy to Rs13,845/t in Q4FY19, but ahead of our estimate of Rs2637/t. Its European ops reported Rs1696cr EBITDA which included Rs500cr toward the CERs and land sale. Adj. EBITDA/t rose 4.2%/15% yoy/qoq. The company continued to focus on debt reduction and has deleveraged the balance sheet by Rs6169cr during the quarter. During H2FY19, the net debt reduction has been to the...