Energy: Wait, maybe a long one
` Under-recoveries to remain high for FY2013-14E
` Lower earnings in the current year despite assuming nil subsidy losses
` Revised earnings estimates for downstream companies
` Inexpensive multiples should be seen in the light of lower ROEs and uncertainty
on subsidy burden
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Kotak report link:
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily28092012dj.pdf
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