Irani told CNBC-TV18, " Larsen and Toubro would be a great defensive stock at the present scenario of the market. But in the midcap there are whole lot of companies that you can possibly switch and this is exactly what investors need to do. So I would say a company like say maybe Hyderabad Industries or M&M Financial is outside capital goods bound to definitely give much better money than what Punj Lloyd will give at all."
