would be subdued and would remain significantly below 3-year average levels in the backdrop of weak demand, high uncertainty (due to trade wars) and sizeable overcapacity (both in global and domestic). To factor in lower steel prices and reduced volumes, we cut our EBITDA estimates for JSTL by 19%/18% for FY20E/FY21E. We maintain Reduce rating due to stretched valuations, weak earnings and overhang of Bhushan Power and Steel (BPSL)...