Nocil for Q4FY19 reported weak set of numbers; mainly on the back of weak tyre demand. Revenue/PAT declined by 12%/30% YoY, with OPM contraction of 621bps. The slowdown in the auto sector and the uncertainty surrounding anti-dumping duty could to act as an overhang for the stock in the near term. However, we believe that with new capacities coming on stream, Nocil is well placed to (i) benefit from any auto sales revival and (ii) capture incremental demand from both global/ Indian tyre companies, given its long standing relationship...