First, we disagree with macro-narratives. Second, the outlook too remains weak. Third, thereby, the key is in assessment of individual projects bottom-up. Though we remain bearish on domestic long cycle orders, Q4FY17 should be treated as a tactical exception. From project closures to provisions reversals, the jump in EBITDA is plausible. Thereby, we like: LT, BHEL, and NBCC IN. We find no reason to cheer from macro numbers At a first glance, on an annual base, project commissioning is down. As against Rs.5.66 trillion in FY16, the project commissioning indicates FY17 ended a tenth down at Rs.5.13 trillion. CMIE, a database provider, asserts there is yet another Rs.1.88 trillion, whose commissioning status is...