We raise our TP to Rs950 and re-iterate BUY rating on Tata Metaliks (TML). The fast tracking of DI pipe expansion eliminates the overhang of capacity constraint for FY22/FY23 and provides for upward revision in TP as we roll over valuations to FY23 estimates. On the demand side, doubling of its DI pipe order book to 14-16months indicates release of funds for water projects and strong outlook for TML's DI pipe business for the next two years. Multiple price hikes for foundry grade pig iron and low cost iron ore inventory led to record high pig iron spreads in 3QFY21. We expect...