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RBS, Goldman Sachs raise price target on L&T

RBS has raised its rating on Indian engineering and construction conglomerate Larsen & Toubro to 'buy' from 'hold', calling it the "best play on the broad-based longer-term capex story.

May 20, 2011 / 02:47 PM IST
 
 
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RBS has raised its rating on Indian engineering and construction conglomerate Larsen & Toubro to 'buy' from 'hold', calling it the "best play on the broad-based longer-term capex story.


It also raised the price target on the stock to Rs 1,854 from Rs 1,800 earlier.


Shares in L&T were trading up 4.3% at Rs 1,663.30 at 10 a.m. (0430 GMT) in a firm Mumbai market. The shares had rallied nearly 6% on Thursday after the company said quarterly net profit rose 17.2% to Rs 16.86 billion ( USD 374 million).


The company also maintained a strong revenue and order growth guidance for the current fiscal year.


Goldman Sachs also raised its price target on L&T to Rs 2,006 from Rs 1,987.

Also Read:  BofA-Merrill cuts L&T target price

first published: May 20, 2011 10:50 am

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