contrast to the better performance delivered by its peer companies, ACEM reported lowest EBITDA/t of Rs601 (v/s Rs961/Rs616 by UTCEM/ACC) below our estimates of Rs705. Company continues to lose its business excellence with the rising Fixed costs, pressure on realisations (due to intense competition and rising pace of capacity addition) and continuous contraction in market share. However, revival of industry's pricing power would mask these issues for a next couple of years and would drive the earnings for...