Goldman Sachs upgrades L&T; shares gain

Goldman Sachs upgrades L&T; shares gain

Last Updated: Wed, Mar 06, 2013 11:37 hrs
Investors watch share index at local share market in Chandigarh

Shares in Larsen & Toubro gain 2.6 percent after Goldman Sachs upgrades the stock to "buy" from "neutral".

Goldman cites cheaper valuations after L&T's recent under-performance against the broader index and the prospect of stable revenue growth over the medium term.

The investment bank also notes the government is expected to fast track an estimated $30 billion worth of infrastructure projects in fiscal 2013/14, while also pointing to other supportive factors such as an expected lower cost of financing.

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