Larsen & Toubro
Reco: ACCUMULATE
CMP: Rs. 1,636
Target Price: Rs. 1,810
All Is Well… Upgrade to Accumulate
We recently met the management of Larsen & Toubro (L&T) to get an update on business environment and company's future prospects. We remain positive on L&T – considering clearance of bottlenecks in order execution coupled with promising outlook for target sectors and satisfactory progress in subsidiary companies. Consequently, we roll-over the valuations of core business to FY12E earnings and revise our SoTP price from Rs1,525/Share to Rs1,810/Share and upgrade our rating from 'HOLD' to 'ACCUMULATE'.
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