Another asset valuation benchmark bites the dust as the last downcycle equity valuation + deleveraging is breached for JSPL and SAIL. This is after the GoI’s export duty imposition led to 1x forward P/B benchmark being breached for the sector. With so much flux in liquidity and rate changes (sharpest single rate hike in 28 years by FOMC), asset valuations are also recalibrating (in our view).