>INDIAN TOLL ROAD SECTOR: The Roads to Revenue

■ The Indian Toll Roads sector is an excellent proxy to play on India’s vibrant growth story

■ NHDP is entering an important inflection point and NHAI alone would be coming up with orders worth Rs 1.9 trillion over the next four years

■ ITNL and IRB are our top picks in the Toll Road sector: We believe ITNL will leverage its parent’s strong background, superior execution skills, and established track record of executing BOT projects. It is bidding for GoI projects worth Rs.425bn and we conservatively expect it to secure projects worth Rs.85bn. New project wins would be the key catalyst for IRB. It is on the final shortlist for five projects aggregating 576km that will be awarded this quarter. Further, it is pre-qualified for projects worth 1,925km. We believe ITNL and IRB would be an excellent play on India’s vibrant growth.

To read the full report: ROAD SECTOR