External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Price escalation clause in roads agreement and higher margins at irrigation projects likely to keep operating margin elevated Key Risk: (i) Delay in HAM projects execution; (ii) Any working capital...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Price escalation clause in roads agreement and higher margins at irrigation projects likely to keep operating margin elevated Key Risk: (i) Delay in HAM projects execution; (ii) Any working capital...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KNR Constructions: Strong Performance; Healthy Outlook

Singapore

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Smartkarma (SMARTKARMA SP)

KNR Constructions: Strong Performance; Healthy Outlook

Price escalation clause in roads agreement and higher margins at irrigation projects likely to keep operating margin elevated Key Risk: (i) Delay...

ICICI Securities Limited