on consolidation of BPSL and rest on account of higher working capital. Steel (JSTL) reported Q3FY22 Adj. EBITDA in-line with our estimates. While, it came above consensus estimates (CE) by 8%. On reported basis, EBITDA were below our estimates by 10% due to provision of Rs10.6bn for upward revision of already published average selling price of iron ore by Indian Bureau of Mines (IBM) for September and October'2021. Recent relaxation of monetary policy for real-estate sector and increase in spending on infrastructure reflects Chinese authorities' aim to stimulate...