We initiate coverage on construction sector with a positive outlook as we believe that earnings progression of companies will remain robust despite several near term headwinds like ensuing elections and liquidity crunch. Construction sector especially road construction is still an evolving sector in India. Globally, private participation in construction activity is high and various financial models have been evolved for asset ownership. In India, private participation in government projects started only over the last decade. We believe that after learning invaluable lessons over the years, the authorities have been able to wither out various flaws in the models and systems used to award and construct road projects....