Industrials: Strong execution on current backlog but not yet positive on
incremental inflows
` Strong execution on BHEL projects perceived as risky may lead to near-term
execution surprise
` 12-15 GW bid pipeline visible though finalization uncertain; surprising
dependence on Adani MDO
` CEA outlines 103 GW of under-construction thermal projects versus 64 GW
XII plan target
` Revise execution estimates; retain SELL on likely sedate incremental
ordering and competition
PDF link
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily23082012pp.pdf
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