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Punj Lloyd (PUJL.BO)
Buy: Target Price Cut to Rs218
 India/GCC macro turns bad — The “India Infrastructure Super Cycle,” which
started in early 2002, is showing signs of stress. The ongoing global credit
crisis has reduced the quantum of credit available globally and increased the
cost of the same. Further, within three months, GCC has gone from a position
of excessive credit growth (expanding loans to deposit ratios) and demanddriven
inflation to tight liquidity and concerns over the sustainability of growth.