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CORRECTED-MARKET EYE-Credit Suisse downgrades L&T to underperform
(Corrects headline and first bullet to say the stock was downgraded to 'underperform' from 'neutral') * Credit Suisse downgrades Larsen & Toubro to 'underperform' from 'neutral', on concerns about deteriorating order flow mix and rising working capital cycle, which could impact margins and cash generation. * Over 40 percent of L&T's orders are from the Middle East and real estate segments which are "prone to execution delays" and would earn lower margin. * It would be difficult for L&T to sustain this growth momentum on its historic high inflows, Credit Suisse said in a note. * Credit Suisse believes L&T is expensive at 17.5 times FY14 parent EPS for 10 percent EPS CAGR (FY12-14E) and also does not expect any material improvement in return on equity. * At 0555 GMT, shares were up 0.81 percent at 1,679 rupees. (manoj.dharra@thomsonreuters.com)
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