TATA steel (TATA) reported Q3FY22 EBITDA in line with our estimates at Rs158.9bn (down 3.4% QoQ). While it came above consensus estimates (CE) by 4%. India operation's EBITDA came above our estimates by 5% while Tata steel Europe (TSE) missed our expectation by 20% due to higher energy cost. Recent relaxation of monetary policy for real-estate sector and front loading of infrastructure spending reflects visible pressure on Chinese authorities to stimulate economic activity after registering meaningful slowdown over last two quarters. While, concerns on oversupply resulting from contraction in...