Hold Larsen and Toubro, says Devang Mehta

Mehta told CNBC-TV18, "We have seen a steep correction in L&T post the result that had come for 2 quarters, which were quite robust. There were no execution concerns as such. But I think now the market has started factoring that the capex cycle is going to get delayed because of the higher inflationary and the interest rate scenario and there are lot of issues that may come in the way starting from environment clearances to a lot of policy delays. So I think still people believe more in the consumption story and they are not very bullish on the themes, which can do with investment or capex."

He further added, "It can be little bit weak from hereon. I foresee a maybe 5-6% correction more for L&T. One should hold this stock and probably in 2014-2015 when the capex cycle would start to show its results there would be a double impact on L&T and we can see good prices for L&T over a 2-3 year period."