Capex spending declines in October; fiscal impact of demonetisation to be neutral in FY17 Follow the Money: Locusts Recovery getting delayed to FY18; medium-term growth story remain intact New luxury car tax not impacting Chinese OEMs China Gas and Petrochemical Sector: Equilibrium of supply and demand may occur in H117 with OPEC's production cut deal Strong project growth to continue over the next few years 1H17 result: Reduced FY operating margin guidance a negative Margin to improve in FY16E Markets Overview Stable expansion