Kalpataru Power Transmission (KPTL) has delivered a strong performance in 2QFY19 led by better-than-expected execution in Railway, Oil & Gas Pipeline and T&D; business. We continue to believe that KPTL is well-placed to benefit from continued spending in T&D;, railway and pipeline segments. Considering the strong visibility on revenue and order flow front, sustained earnings momentum and likely improvement in return ratios in next 2 years, we maintain our...