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Indraprastha Gas and Siemens

IGL to face limited impact of slowdown in economy.
Debt free company.
Dividend yield of 3.8%
Valuation: At Rs.104, the stock trades at 4.3x EV/EBIDTA, 2.1x book value, 7.9x earnings and 5.6x cash earnings based on FY09E.
ACCUMULATE with unchanged price target of Rs.135 based on DCF method of valuation.

Siemens India Ltd

Capex of Rs 2.0 bn likely for FY09. Cash position comfortable at Rs 9.0 bn.
Stock trading at 11.3x FY09 earnings.
REDUCE with a price target of Rs.260.