Novelis delivered strong quarter with EBITDA margin at US$430/t and flat volumes impacted by temporary destocking. However, headwinds on margins are clearly visible due to accentuating competition and contracting scrap spreads. Incrementally, impending acquisition of Aleris would deteriorate earnings and B/S quality due to its cyclical portfolio, peaked-out margins and high debt. Hence, we maintain Accumulate with TP of Rs225...