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Contents
Results
Jet Airways: Higher-than-expected losses due to increased fuel costs; no respite in sight, cut rating to SELL from REDUCE
United Breweries: Margin expansion in a difficult year but rich valuations do not offer upsides
PSL: 4QFY08 results below estimates; revise estimates for recent order flow; maintain BUY
Change in recommendations
Hindalco: Rights issue to fund Novelis acquisition; balance funding may prove costly—cut target price to Rs150; lower rating to REDUCE
Updates
Economy: Growth to trim on RBI's strong signal; but inflation is destined to stay high
Cement: Crude oil linked inflation woes to impact profitability of cement companies