Citi upgrades Larsen & Toubro from ‘neutral’ to ‘buy’
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Citi upgraded Larsen and Toubro from ‘neutral’ to ‘buy’ and said negative news flow are priced in and now shares of L&T are trading below than their historical mean.
The share price of the company fell 17.7 per cent in the past three months till October 1 against 6.42 per cent fall registered by Sensex during the same period.
Stocks of L&T are nearly oversold on daily and weekly charts as per bollinger bands and 14-day RSI.
Industrial conglomerate Larsen & Toubro said on September 28 its information technology outsourcing unit has filed draft red herring prospectus with the country’s markets regulator for an initial public offering of 17.5 million shares.
L&T, one of India’s biggest industrial groups, said in July it would sell up to 15 per cent of its holding in L&T Infotech. The group’s chairman told Reuters in September that L&T was looking to sell some assets including roads and infrastructure projects and dilute its stake in non-core subsidiaries to revive performance.
For the quarter ended June 2015, the company posted consolidated net profit of Rs 606.19 crore, down 37.31 per cent, against Rs 966.89 crore in the corresponding quarter a year ago.
On October 1, the share price of L&T was at Rs 1,489 on NSE.
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