ACC Q1CY20 EBITDA was marginally (-5%) lower than our estimate but higher (+11%) than consensus estimate. Key highlight of the quarter was softness in raw material cost and this is partially driven by benefit from commencement of master supply arrangement with Ambuja Cement. ACC has resume operations at its plants in phased manner starting 20th April 2020. But we understand, catalyst for stock is announcement around Infra stimulus by the central government. Company with net cash of Rs44b provides it with cushion from any extended period of weak topline. Stock (valuation) is trading at -1 STD of its past averages and we retain out BUY rating with unchanged TP...