Sharp drop in PPP projects in 2008; no awards expected until after elections; reinforces our slowdown thesis.
L&T considering ~50% of identified opportunity; complex regulations a hurdle; new govt’s policy to dictate spending.
INR536 TP (standalone INR460 [8.5x FY10E EBITDA], subsidiaries INR76). Maintain REDUCE.
T H E B N P P A R I B A S A N G L E
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