JSW Steel's (JSW) Q3FY21 operating result was in line with our expectation. Its standalone EBITDA/tonne increased to Rs14,444 (+154% YoY, +118% QoQ) led by higher steel prices, better product mix and inventory liquidation. However, sales volumes declined 3.2% YoY to 3.9 mn tonnes as shortage of iron ore persisted. Consolidated net...