CLSA uprades L&T on govt policy, rate cut hopes

MUMBAI Fri Jan 25, 2013 11:13am IST

Labourers work inside a steel factory on the outskirts of Agartala, April 9, 2009. REUTERS/Jayanta Dey/Files

Labourers work inside a steel factory on the outskirts of Agartala, April 9, 2009.

Credit: Reuters/Jayanta Dey/Files

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MUMBAI (Reuters) - 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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