CLSA uprades L&T on govt policy, rate cut hopes
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)
- Tweet this
- Share this
- Digg this
- Pistorius starts five-year term for killing Reeva Steenkamp
- Govt orders Financial Tech to absorb NSEL, liabilities
- Exclusive: Iran offers "compromises" in nuclear talks, West unmoved
- UPDATE 10-Total CEO de Margerie killed in Moscow as jet hits snow plough
- Indiana police charge suspect who may have killed for decades
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article