Public Relations

What analysts expect in 2010

get the cycle going. RBI"s recent measures will help reduce cost of financing infrastructure. * With over 70 per cent of Sensex earnings linked to investment upturn and global recovery, the earnings upgrade cycle should resume in 2010-11. Sector stance and top picks * CLSA"s 12 month target for the Sensex is 19,250; with the expected rise in risk-free rates, it does not see prospects for re-rating of the current P/B multiple. * Industrials, IT and materials which play into the second leg of the recovery are key over-weights; Consumer discretionary (autos), Power and Energy are key under-weights. * CLSA"s top buys are ICICI Bank, IDFC, Infosys, Sun Pharma and Tata Steel. * Its biggest under-perform/sells are DLF, NHPC, Ambuja Cement and Tech Mahindra.

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