continues to focus on base orders (80-90% of order backlog for FY19). Management has increased its focus on states capex due to slowdown witnessed by center government, which we believe can take more time due to weak financials of states. While there are visible signs of slowdown in the near-term, we remain positive on SIEM from a long-term positive as the company remain focused on 1) Digitization and localization 2) Creating smart infrastructure and 3) Increasing customer by leveraging its strong balance sheet (more than Rs50 bn of cash) and offering innovative financing. SIEM...