The improved demand scenario, better capacity utilization and cost control measures will remain key growth drivers. However, ECU realization would remain weak in near-term. We maintain our HOLD stance on the stock and roll forward our valuation with a revised TP of Rs. 1,321 based on SOTP valuation. Uptick in volumes leads higher sales In Q3FY21, topline grew 17.0% QoQ to Rs. 20,986cr (+12.7% YoY) due to strong sequential strong growth seen across verticals. Cement Grey, White and Allied...