Tata Steel reported subdued Q1FY21 results wherein consolidated topline came in line with our estimate while consolidated EBITDA was notably lower than our estimate. The EBITDA/tonne of both Indian, European operations came in lower than our estimate. Standalone operations reported sales volume of ~2.1 million tonnes (MT). European operations reported steel sales of 2.0 MT, marginally higher than our estimate of 1.9 MT. Tata Steel BSL reported sales volume of 0.7 MT (higher than our estimate of 0.65 MT). Consolidated topline was at | 24289 crore (down 32% YoY, 28% QoQ),...