L&T falls 2% on brokerage downgrades

Larsen & Toubro shares were down 1.7 percent after Citigroup and Barclays downgraded the engineering conglomerate on concerns over order cancellations and weak investment cycle.

FP Archives|Dec 20, 2014, 20:53:10 IST

Larsen & Toubro shares were down 1.7 percent after Citigroup and Barclays downgraded the engineering conglomerate on concerns over order cancellations and weak investment cycle.

Citi downgraded L&T to 'neutral' from 'buy' and cut its target price to Rs 1,732 from Rs 1,855 , citing cancellations in the second quarter of fiscal 2013, slow-moving orders, as well as weaker domestic economic growth.

[caption id="attachment_580849" align="alignleft" width="380"] Reuters[/caption]

Barclays downgraded L&T to 'equal-weight' from 'overweight' and cut target price to Rs 1,750 from Rs 1,851.

The bank said that it expects L&T to meet its fiscal 2013 guidance but cautions that weakness in the investment cycle in fiscal 2014 will post a risk to order estimates.

Reuters

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