Indiabulls Securities has recommended a hold rating on Larsen and Toubro, with price target of Rs 1621, in its report dated June 30, 2009.

"Larsen & Toubro is currently trading at a forward (FY10) P/E of 28.8x. Our fair value estimate of Rs 1,621, based on the Sum-of-the-Parts (SOTP) methodology, factors in all the major positives and thus, provides limited upside potential from the current market price. Thus, we change our rating to Hold," says Indiabulls Securities' report.

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