Overall container volumes in APSEZ, JNPT saw a QoQ dip in performance in Q1 (9%, 6% at 2.1 million TeUs, ~1.4 mil TeUs, respectively). Also, the greater trans-shipment volumes at Indian ports, may impact the container product mix for ports (due to congestion at major transhipment ports like Colombo and Singapore port). Rail CTOs are also expected to see 7-9% QoQ de-growth in Exim and domestic trade (based on two months data). On a positive note, higher crude oil prices typically help CTOs gain market share over road players (preference over longer distances). CFS, on the other hand,...