Larsen and Toubro may test Rs 970: Lokesh Garg

Lokesh Garg of Kotak Institutional Equities told CNBC-TV18, "Larsen and Toubro's Q2 results are better-than-expected on revenue front. We had expected about 8 percent growth in revenues and they delivered about 10 percent. They are slightly better than our expectations on margins as well."

He further added, "There are several one-offs within earnings before interest, taxes, depreciation and amortisation (EBITDA) level which I wouldn’t want to go in detail, but net basis if you give some benefit of doubts on those one-offs then the results are even better,"
"We look at dividend adjusted earnings for L&T at Rs 45 for FY15 and that leads us to a target price of about Rs 970 on the stock at this point of time," Garg said.