MUMBAI CLSA upgraded Larsen & Toubro(LART.NS) to "outperform" from "underperform", citing favourable policies from the government and expected interest cuts would be reflected in the company's earnings by the second half of fiscal 2013/14.
The upgrade came despite what the brokerage called "a mixed bag" from October-December earnings reported on Thursday, although with "more positives than negatives," including "a creditable job" in orderbook growth but "weak" operating performance.
At 11:12 a.m, L&T shares were trading at 1596 rupees, up 0.7 percent.
(Reporting by Abhishek Vishnoi; Editing by Sunil Nair)
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