Utilities: SEBs: After restructuring, larger challenges
` Restructuring to address immediate cash crunch, political will key to longterm sustainability
` Fuel availability and unviable sale arrangements pose earnings risks
` We maintain a conservative stance despite recent tariff hikes and policy
impetus
` The paradox of fixing tariffs and Government ownership
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Kotak Securities report link
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily26092012aj.pdf
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