Hold L&T, says Tirthankar Patnaik

Tirthankar Patnaik, EVP - Institutional Sales at Religare Capital Markets told CNBC-TV18, "Larsen and Toubro (L&T) will continue to track the macro framework and our analysts have basically revised the target price to about Rs 1,100."

"We are valuing the standalone business at about Rs 800, that is about 15 times forward earnings and we are valuing the subsidiaries at about Rs 300 including the hydrocarbons part. So there is upside, but there is not massive upside on L&T right now. In terms of our model portfolio positioning we have an overweight on the stock, but our rating right now is hold on the stock," Patnaik said.

At 13:30 hrs Larsen and Toubro was quoting at Rs 1,008.10, down Rs 24.90, or 2.41 percent.

The share touched its 52-week high Rs 1,152.40 and 52-week low Rs 678.10 on 09 December, 2013 and 28 August, 2013, respectively.