For Q4FY19, Novelis reported shipments of 870 KT, up 1% YoY. Net sales during the quarter increased 1% YoY to US$3.1 billion while adjusted EBITDA came in at US$357 million, up 12% YoY. Corresponding EBITDA/tonne was at US$410/tonne. While Novelis reported a steady performance for Q4FY19, on account of the slowdown witnessed in the global auto sector (especially China), we maintain our cautious stance on the company. Hence, we model an EBITDA/tonne of US$350/tonne for both the...