Gujarat Pipavav Port; Sterlite Industries; Economy :: Kotak Securities (PDF link)

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Results
Gujarat Pipavav Port: Strong operations continue; but valuations not cheap
on fairly strong estimates
` Strong revenue (on volume and realization growth) and margin expansion
lead to very strong PAT
` Container continues strong growth; additions of new lines to partly offset
loss of one Maersk line
` Volume recovery in bulk due to fertilizer cargo; though visibility still low on
large catalysts
` Marginally revise estimates; retain ADD with a revised target price of Rs65


Company
Sterlite Industries: Restructuring, but at what cost?
` Three scenarios of restructuring; one scenario is neutral, the other two are
negative


Economy
Economy: PM's EAC Report: Optimism in the face of adversity
` We see downside risks to both FY2012E and FY2013E growth estimates
` Investment and savings rate indicative of stalling investment growth
` PMEAC expects capital flows to be strong in FY2013E