Larsen & Toubro shares gained 1.5 per cent as the Citigroup has upgraded the stock to “buy’’ from “neutral’’ and raised the target price to Rs 1,849 from Rs 1,707.
“L&T is now our top India industrial pick, followed by BHEL and Voltas,’’ Citi said in a note.
It said that L&T’s order inflow prospects list has doubled from last year’s level. The upgrade is also based on L&T’s preparedness to exploit evolving Indian defence opportunity.