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Last Updated : May 13, 2019 11:26 AM IST | Source: Moneycontrol.com

L&T falls 2% as board approves merger with L&T Shipbuilding

JP Morgan has maintained overweight rating with a target at Rs 1720. According to firm, margin miss led by Infra disappointing.

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Share price of Larsen & Toubro (L&T) declined 2.6 percent intraday Monday after company board approved a scheme of arrangement for a merger of its wholly owned subsidiary, L&T Shipbuilding with itself.

The scheme is subject to necessary statutory and regulatory approvals including the approvals of National Company Law Tribunal/other regulatory authority and the respective Shareholders and Lenders/Creditors of each of the companies involved in the scheme, company said BSE release.

Research house Jefferies has maintained buy call on the stock with a target of Rs 1950 per share. It lowers EPS by 4-7% to reflect FY19 margin weakness.

JP Morgan has maintained overweight rating with a target at Rs 1720. According to firm, margin miss led by Infra disappointing.

Nomura has maintained buy call and raised target to Rs 1,675. It feels that the slowdown in infrastructure ordering, delay in economic recovery are the key risks.

At 11:10 hrs Larsen & Toubro was quoting at Rs 1,324.90, down Rs 30.35, or 2.24 percent on the BSE.
First Published on May 13, 2019 11:26 am
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