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L&T falls on brokerage downgrades
Labourers work inside a steel factory on the outskirts of Agartala, April 9, 2009.
Credit: Reuters/Jayanta Dey/Files
Reuters Market Eye - Larsen & Toubro Ltd (LART.NS) shares ended down 1.34 percent after Citigroup and Barclays downgraded the engineering conglomerate on concerns over order cancellations and weak investment cycle.
Citi downgraded L&T to 'neutral' from 'buy' and cut its target price to 1,732 rupees from 1,855 rupees, citing cancellations in the second quarter of fiscal 2013, slow-moving orders, as well as weaker domestic economic growth.
Barclays downgraded L&T to 'equal-weight' from 'overweight' and cut target price to 1,750 rupees from 1,851 rupees.
The bank says it expects L&T to meet its fiscal 2013 guidance but cautions that weakness in the investment cycle in fiscal 2014 will post a risk to order estimates.
(Reporting by Manoj Dharra)
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