See upside in Larsen & Toubro: Dilip Bhat

Dilip Bhat of Prabhudas Lilladher told CNBC-TV18, "Larsen & Toubro (L&T) is typically the case like what has happened with the index. Even in index we all thought that there is going to be earnings upgrade, there is going to be a good amount of recovery in the economy, everything will look robust, but even if none of those things have really happened in a way which we all have thought about index has still shown a fair amount of robustness.""Similarly with L&T they have not been performing well for the last four or five quarters but if we have to buy any company in this particular space with good market capitalisation especially for the institutional buys with the big players, this is the only stock which really stands out whether it is capital goods, infra, whichever way you look at it and of course if you also want to play defence," he said."So, I wouldn't be too worried about the quarterly results even if say, in next one or two quarters it doesn't perform without any doubt in the frontline and this is a story which will play out very gradually over next 2-2.5 years and I see a very reasonable upside on this.""I would still prefer to play something like BPCL and HPCL and maybe something like IGL. Both the stocks possibly can move up, can give some kind of upside move, but fundamentally I would still be comfortable with the marketing companies where there is much more visibility and much more sustainability and more so in terms of cash flows. So, my preference would before them."