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Contents
Results
Oil & Natural Gas Corporation: 4QFY08 results: The award for the most conservative accounting practice goes to ONGC
Sadbhav Engineering: 4QFY08 PAT and margins lower than estimate; reduce target price to Rs1,100
Updates
Idea Cellular: An expensive acquisition funded through placement at expensive price—net result marginally positive
Siemens: Sharp correction prompts rating upgrade to ADD; reverse DCF valuation implies conservative growth estimates in our view
Banks/Financial Institutions: Revising earnings estimate and target price to reflect higher rates scenario