parent by VEDL, we believe the stock price would be driven by corporate actions rather than earnings outlook. Moreover, high leverage and scheduled debt repayments at the parent VRL remain an additional overhang for VEDL. Maintain Neutral. Higher LME leads EBITDA to highest level in last 11 quarters 3QFY21 EBITDA rose 19% QoQ (48% YoY) to INR77.6b (est. INR73.5b), and adj. PAT rose 68% QoQ to INR33.0b (est. INR25.2b), led by a sharp recovery...