Larsen & Toubro has appointed SN Subrahmanyan as the CEO & MD of the organisation, effective the first of July. Also, AM Naik, who is currently the Group Executive Chairman of L&T has been appointed the Non-Executive Chairman of L&T for three years.
On the company's stock price, Rohit Natarajan said that there could be a knee-jerk reaction but going ahead there are a bunch of catalysts like the Union Budget, big ticket prospect orders of around Rs 700-800 billion, which could act as a trigger and push the stock price back to Rs 1,600 per share levels in the near term.
Rohit Natarajan, Analyst, Institutional Equities, at IDBI Capital Markets Services, said: BHEL might have started work on slow moving orders from projects like Ennore that the company identified earlier. This could have led to the surprise, he said, adding that it is too early to cheer as management commentary is needed to get further clarity.