RAIN INDUSTRIES: Q2CY17 Result:

The key takeaways from Rain Industries call:

1. Demand for CPC and CTP continues to improve
2. Company hopeful of *raising margins* in Carbon segment;

Chemicals segment *EBITDA should likely to improve* from Q3CY17.

3. Aluminium demand positive; prices rising with lower inventories . Some western world smelters likely to restart smelters which will futher improve demand of CPC and CTP
4. Tightness in supply of GPC too, but Rain well-poised to get supplies given its long-term relationships with suppliers

5. For Russian JV, they will source raw material from their partner Severstal Steel

6. Refinancing likely post- January to lower interest costs further

COMMENTS OF DoW

In concall, conservative mgtmnt is (1st time) is so bullish. *Order booking of CPC for H2 at lifetime high prices. H2 EPS can be 13*

Barring unforeseen, stock has potential to be 450 in 24-30 months