We thus downgrade the stock to a SELL and retain our SoTP of Rs 613 (-13.6%). We remain watchful and await 4QFY19 earnings for fresh information. Contrary to our neutral stance, MOFS has shot up by ~11.1% in the last few weeks. In this note we outline the optimism built in the CMP as we have failed to discover strong credible reasons for this sharp up-move.