NPLs at risk of moving up earlier than expected India Equity Strategy：RBI Policy - Rates Unchanged, Focus on Transmission India： RBI expectedly stays on hold，and lobs the transmission ball back to banks Wind output growth turned strong in Mar-15 at +27% Y/Y A much-awaited regulation finally comes through; the change is welcome China Water Blog：H/A share discount at 40% post rally; China to invest ~Rmb500B in water projects Top Stories Indian Hotels (IH IN)：Sea Rock hotel bought back. Debt to increase back topeak levels China coal-fired tariff cut：Rmb 20 / Mwh largely in line, but LT challenges persist Sound Global Limited(967 HK)：Terminating asset injection. Uncertainty remains on 2014 results