QoQ/60% YoY. Steel realisations are expected to fall Rs3500/t QoQ due to higher share of exports at 60% v/s 15% QoQ/YoY. While, strong push in exports helped contain the fall in overall volumes to 25% QoQ/23% YoY at 9.6mnt. Hit by lower realisations and volumes, EBITDA/t would likely to fall by 38% QoQ/47% YoY at Rs4,970. However, we expect JSP to post strong set of earnings than its peers, led by iron ore inventory benefit and better volumes. Maintain Underweight on sector; Reiterate BUY on JSP and HNDL: Stocks moved up ~30-35% over last couple of months in light of improvement in global...