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L&T bags orders worth `2,503cr
Larsen & Toubro (L&T) has bagged domestic and international orders aggregating to
`2,503cr. The company secured five orders worth `1,516cr in domestic markets, which
include projects for laying down of transmission lines, manufacturing of electrical
equipment used in energy generation and railway construction activity. The company's
international segment bagged three orders for `987cr in the Middle East region for seven
substation projects and 153km of transmission line projects.
At `1,979 – P/E of 28.2x and P/BV of 4.8x to its FY2012E on a standalone basis – we
believe most of the positives are factored in and, hence, we maintain our Neutral rating on
the stock. We have used the SOTP methodology to value the company to capture all its
business initiatives and i
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