Buy L&T With A Stop Loss Of Rs 1630: Nirmal Bang

L&TIn its latest research report, Nirmal Bang, an equity research firm said that Larsen & Toubro (L&T) can give good returns in the short term.

According to Nirmal Bang Research, the stock, which has been consolidating for some time in the region of 1680-1665, can be bought with a strict stop loss of Rs 1630.

The report also stated that, if the counter is successful to cross 1700, then it will hit a target of 1910.

Today (Oct 01), the shares of the company opened at Rs 1677 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1800 and a low of Rs 557 on BSE. Current EPS and P/E of the stock stood at 78.20 & 21.33 respectively.

Larsen & Toubro, on Sep 30, stated that it can set up nuclear power facilities having total capacity of 3,000 to 4,000 MW on an annual basis.

The company has made an investment of $500 million in its nuclear business.

Larsen & Toubro Finance and Cholamandalam DBS Finance on Sep 25 signed up a MoU for getting hold of 100% equity stake in of DBS Cholamandalam Asset Management (DCAM) of CDFL.

The deal, which is valued at Rs 450 million, has been adjusted for cash balance and existing assets as of date of closure.

This acquirement would help synergize with L&T's subsisting financial services business by intensifying and broadening its services.