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L&T bags orders worth `1,164cr
Larsen & Toubro (L&T) has bagged three orders aggregating to `1,164cr for its
metallurgical and water sectors. The metallurgical business has received an order worth
`523cr from Tata Steel Ltd. The water business secured orders worth `531cr from Tamil
Nadu Water Supply and Drainage Board and `110cr orders from Punjab Water Supply
and Sewerage Division. The expected construction period for all the projects is between
12–30 months.
At `1,972 – P/E of 28.1x and P/BV of 4.8x to its FY2012E on a standalone basis – we
believe most of the positives are factored in and, hence, maintain our Neutral rating on
the stock. We have used the SOTP methodology to value the company to capture all its
business initiatives and investments/stakes in different businesses and have arrived at a
Target Price of `2,024
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