Given the challenging demand outlook in the medium-term, we maintain our HOLD rating on the stock with a revised target price of Rs. 215 based on roll-forward valuation multiple of 8.5x CY20E EV/EBITDA. Upbeat realisation partly offset weakness in volumes Revenue was up 3.4% YoY to Rs. 7,069cr in Q2CY19, driven by growth in premium products. Average realisation improved 8.1% YoY to Rs. 5,429/tonne while sales volumes declined 4.3% to 13.02MT due to subdued demand in northern and western regions, slow pace of construction activities and liquidity issues in the market across...