L&T earnings raise 'multiple red flags' - Citi; stock slumps
Reuters Market Eye - Citigroup downgrades Larsen & Toubro Ltd (LART.NS) to "neutral" from "buy", citing "rich" valuations and says Q1 "raises multiple red flags," including lower-than-expected standalone sales and margin details.
Earnings "were a warning that investors/analysts need to curb their enthusiasm,” the bank adds.
Deutsche Bank also downgrades L&T, to "hold" from "buy", citing concerns about valuations and says large order wins are in the low-margin hydrocarbons sector.
L&T falls as much as 7.9 percent, heads for biggest fall since July 2009.
(Reporting by Manoj Rawal)
- Tweet this
- Share this
- Digg this
- Pakistani family sentenced to death over "honour killing" outside court
- UPDATE 1-Snow to keep falling in paralyzed western New York another day
- Gunman killed, three students shot in Florida university library |
- Kotak bank buys ING Vysya in record $2.4 billion share deal
- Duchess of Alba, the world's most titled aristocrat, dies
A rift between the five powerful labour unions at Coal India Ltd is set to clear the way for Prime Minister Narendra Modi's government to complete a stake sale in the state company that is critical to hitting budget targets. Full Article
U.S. court overturns bid by Ranbaxy to block launch of rival generic drugs. Full Article
Tech Mahindra to buy U.S.-based network services operator for $240 million Full Article
Infosys unit's overbilling Apple led to exit of top execs - sources. Full Article