ACC reported good set of 3QCY19 results, driven by lower than expected operating costs and higher volumes. Net sales/ EBITDA was 3.2%/11.4% above our estimates while PAT was lower by 7.4% as we were building in reduction in corporate tax rate which the company has still not adopted. Volumes at 6.44mnmt were down by 1.7% YoY against our expectation of 4% decline. Pricing decline at 6% QoQ was in line with our estimate. 8% YoY growth in premium segment products would have curtailed the volume decline in our opinion. Operating costs increased marginally by 1% compared to our estimate of 2% growth. RMC division reported yet another double digit growth with 11% volume growth...