Robust orders expected to come up in roads in BOT & HAM: Government of India has set target of awarding 25,000 km of road projects in FY17 vs 10,000 km in FY16 under the Ministry of Road Transport and Highways and the National Highways Authority of India. We expect significant pick up in awards in FY17 on account of government's various initiatives, focus on HAM and EPC contracts and structural changes in the concession agreement. NHAI is expected to award ~ Rs. 240 to 250 bn of bids in new hybrid model and the BOT toll model in FY17. SIPL has won 4 HAM projects, we believe,...