Voltas: Valuations turn unattractive; receding earnings outlook prompts
downgrade
` EMP (domestic and international) business scenario further worsens
` UCP leadership position strengthened; but industry growth sedate
` Valuation argument loses sheen with outperformance; downgrade to
REDUCE
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Kotak report link:
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily27092012ua.pdf
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