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Industrials
India
Investment cycle bottoming out but large projects do not pick up significantly.
Based on our talks with companies we believe the investment cycle is bottoming out
but large project investments have not yet picked up. A genset OEM said it was seeing
reasonably strong order inflows but a boiler maker (competing with Thermax)
suggested little activity in captive/small IPPs and stiffer competition. L&T succession
ensures continuity, retain REDUCE on a weak cycle and potential margin pressure even
as a correction implies low incremental absolute downside.
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