Risks emanating from rising domestic supplies are very well factored in our estimates with FY22 realisations assumed at steep cut of ~20% over current levels and hefty discount of ~45% (above the historical average of 35%) to import parity price. On the back of stable outlook on global iron ore prices and value unlocking with the demerger of steel plant, we maintain BUY rating with TP of Rs145 based on 1) EV/EBITDA of 4x FY22e for iron ore operations...