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This is an archive article published on May 20, 2011

‘Buy’ L&T stock: RBS,Goldman Sachs

RBS has called L&T stock the best play on the broad-based Indian capex story.

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RBS has raised its rating on Indian engineering and construction conglomerate Larsen & Toubro stock (L&T) to ‘buy’ from hold,calling it the best play on the broad-based longer-term Indian capex story.

It also raised the price target on the stock to 1,854 rupees from 1,800 earlier.

Shares in L&T were trading up 4.3 percent at 1,663.30 rupees at 10 a.m. (0430 GMT) in a firm Mumbai market. The shares had rallied nearly 6 percent on Thursday after the company said quarterly net profit rose 17.2 percent to 16.86 billion rupees ($374 million).

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The company also maintained a strong revenue and order growth guidance for the current fiscal year.

Goldman Sachs also raised its price target on L&T to 2,006 rupees from 1,987.

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