>CONSTRUCTION SECTOR (AMBIT CAPITAL)

STUPENDOUS OPPORTUNITY

• Government infraspend to grow 20%
• .... likely supporting prder book growth of 15% CAGR to FY11E
• Strong order book reflects buoyant earnings visibility
• Balance sheet health manageable, ROCE to expand
• We are Overweight; we initiate Coverage with Buy on IIL, NCL

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