Karvy Stock Broking Limited has suggested investors to ‘sell’ Larsen & Toubro Limited (L&T) stock with a target of Rs 940.

According to Karvy, interested investors can sell the stock between Rs 995-1000 with a strict stop loss of Rs 1025. 
 
Today (Oct 08), the stock opened weak at Rs 974.80, against its last closure at Rs 1008.10 on the Bombay Stock Exchange (BSE) on Tuesday (Oct 07). Current EPS & P/E ratio stood at 39.31 and 24.12 respectively. The share price has seen a 52-week high of Rs 2335 and a low of Rs 994 on BSE. 

Karvy also suggested that if the stock fell below Rs 933, it may see more weakness. So the investors must sell L&T stock in today’s session. After selling the stock, the interested investors can purchase the stock again at a low price, for medium term prospective to make good profits.

Larsen & Toubro Infotech, a wholly-owned subsidiary of L&T has signed up a partnership contract with U.S. - listed Astea International Inc. 

The partnership deal will facilitate L&T Infotech to provide added value to Astea’s service management and mobility software implementation by providing universal IT application expertise, which will not only streamline and expedite large-scale implementation, but also swell Astea’s current customer support potentialities.

L&T will have to pay Rs 60 billion as premium to the Gujarat govt by 2028. 

The state government has inked a deal with L&T for three highway projects. Around Rs 7.27 billion subsidy has been waived off from both the centre and state governments under Viability Gap Funding scheme.

Moreover, Larsen & Toubro (L&T) has adopted 4.2 equity stake in Kalindee Rail Nirman Engineers, a New Delhi-based firm that runs railway signalling and telecommunication projects for the Indian Railways, from open market. 

L&T Capital, a division of L&T, has purchased 4.5 lakh shares of Kalindee at Rs 121.21 per share. Presently, promoters hold 24.66 percent equity stake in the company.

On Sep 24, L&T has pocketed orders worth Rs 50 billion in buildings & factories section.

The company’s newly made buildings & factories operating company part of its construction vertical has received various large-value orders aggregating to around Rs 50 billion in the second quarter of 2008-09 for the construction of a slew of institutional, commercial, residential and factory buildings.