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Investment cycle lumbers along; focus on margins amid stiff competition. Most
variables (steel, project announcements, credit) besides cement and company feedback
(Sanghvi, Voltamp, Voltas, consumer durable dealers) suggest a weak capex
environment. We present our 4QFY12 expectations but believe the focus would be on
margins incrementally, as intense competition persists in a weak environment. Retain
REDUCE on L&T, Thermax and Cummins; Sell on BHEL and ADD on CRG/Voltas.