Kotak Institutional Equities
Jan 15, 2009
68 pages

Content
Valuation: DLF and PHNX most preferred; unitech least  3
identifying themes for stock performance for CY2009 11
industry - housing 22
industry - retailing 32
industry - commercial 36
large SEZ development 38
looking for the right business model 42
key risks: 46
DLF limited 47
Unitech 51
HDIL 57
analyzing financial sector exposure to real easte sector 63