BofA-Merrill cuts L&T target price
Bank of America-Merrill Lynch cut its target price on Indian engineering and construction conglomerate Larsen & Toubro after the company warned tough competition and rising costs would crimp margins from revenue seen growing by a quarter this year.
It lowered the price target to Rs 2,070 from Rs 2,280 and said the company was facing a delay in orders. BofA-Merrill kept its “buy” rating on the stock.
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On Thursday, L&T shares closed up 5.8% at Rs 1,594.85 after its net profit rose 17.2% to Rs 1,686 crore ($374 million) in the quarter ended March from Rs 1,438 crore a year ago.
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