Go long in Larsen & Toubro on dips: Deven Choksey

Deven Choksey of KRChoksey Investment told CNBC-TV18, "On fundamentals, I would think that Larsen & Toubro is becoming attractive. It has corrected 50 percent from the price that used to be and certainly the valuations are not changing beyond a point of time and the fundamentals are not deteriorating that much. They may find it little tough to score further on the business side given the global situation, in particular the situation in the oil producing nations in the Gulf. So, certainly, I think that is where the flow of orders may probably remain relatively muted for some time." "I would like believe that this company as inherent strength of overcoming some of the hurdles. On one side, if they are having a weak market in Gulf, you have got stronger market emerging in India and company like L&T cannot be missed out completely. So, from that perspective if you look at it, they hold the potential. In the near term you may have some of the technical challenges like the stock being dropped from the model portfolio by the foreign institutional investors (FII). So certainly that would have its impact as far as the technicals of the stock is concerned in the market," he said."Beyond that, I would think that if one is looking at fundamental strength of the company, this kind of fall is an opportunity. Any correction of a larger degree certainly demands a look into the company and creates a position on the long side for at least two years and above kind of investment period."