Moneycontrol Bureau
Brokerage house CLSA has upgraded its price target for Larsen & Toubro to Rs 2100, citing pay off from the company’s strategy to focus on domestic markets.
With L&T bagging around Rs 21000 crore of orders in the March quarter, CLSA expects it to meet the lower end of its 15-20 percent order flow guidance for FY15.
“The good news is that the company’s renewed focus on the domestic markets has begun to payoff with 88 percent of Q4 orders from domestic markets,” says the
“Defence orders (6 percent of Q4) added tail-wind with the increased focus of the government on this sector, while Middle East orders fell. Buy L&T as it offers a good proxy on capex revival and a play on multifold expansion in its Defence, Nuke and Aerospace (DNA) portfolio,” the note said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
