JSW Steel reported good numbers considering the existing overall environmental challenges. Further, going forward while we do expect a recovery in spreads on the back of lower input costs and higher share of value added products, steel prices in the near term would remain at current level despite imposition of Safeguard duty. Hence, we have pruned our estimates to factor this weakness in steel prices. However, we continue to believe that non-integrated players like JSW steel are still better placed in the current scenario. We maintain our BUY recommendation on the stock with a...