clients, c) lending from banks, d) update on execution given recent rise in Covid cases and e) impact on margins due to steep rise in RM prices. Commentary from most companies was quite positive due to a) strong order pipeline across segments like Buildings, Roads, Railways, Urban Infra, Water supply, Marines, etc., b) pick up in execution, despite surge in Covid cases, c) timely payments from Govt. Authorities & Private clients, d) reduced BG requirements and ability to borrow money at lower interest rate and e) relative stability in margins despite rise in RM prices as most Govt. contracts have an...