Nomura On VA Tech
Buy, TP Rs 445 vs Rs 520
Cut FY20/21 EPS Est By 23%/22% To Factor Slower Execution
Recovery Of Stuck Debtors By FY21 A Key Trigger
Resumption In Namami Gange Ordering Post Elections +ve
Order Inflow Guidance Of Rs 5000-5400 Cr For FY20 Should Be Met