Ambuja Cement (ACEM) delivered strong set of Q2CY20 earnings with 35%/30% beat on ours/consensus EBITDA estimates. Lower than expected costs drove the beat in earnings. Cement demand positively surprised us as well as the street with decline of 12% YoY in May (against street expectation/PLe of 40%/15% drop) and growth of 1% YoY in June (against street estimate/PLe of 15%/5% drop). Based on...