We estimate flattish 3Q aggregate sales with demand reaching pre-COVID-19 levels. Cost cut gains in margins would offset by higher commodity prices.Public sector orders to infra sector (L&T announced robust 3Q order inflows) were accelerated. We feel sustained demand is necessary for private capex.Reiterate our Neutral rating on the sector; Add on L&T, Schaeffler, SKF, HAL.

Equity Analysis /
India