Manish Sonthalia, Head - Equities, PMS at Motilal Oswal AMC told CNBC-TV18, "The concerned point on Reliance Industries was the telecom business. When you had that specific number come through – 72 million subscribers – that was a comforting factor because people were betting on 10 crore subscribers to achieve a breakeven and if you have hit 70 million subscribers, there is some ray of hope from this side of business. Rest of the businesses were doing extremely well. So, that is the silver lining on Reliance and stock price has actually rallied.""In the case of Larsen & Toubro, I think now there is greater visibility that for the next 3-4 years. You should be seeing a 15 percent CAGR and that sort of a thing is not there is the price. So, that is what the markets are looking into. We own L&T in one of our portfolios. So, I am able to talk specifically more about this. I see a 15 percent CAGR growth in profits in L&T between now and the next 3-4 years. So, I think the valuations are perfectly comfortable. In general case also large caps have more value than midcaps and smallcaps in anycase, so that is the main reason why L&T is rallying. I think there is even more upside from these levels in case of Larsen," he said.