LT Recommendation BUY ( + ) Target Price Rs. 1714 :Kotak Sec, link

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LT			12-26-2014
Recommendation BUY ( + )	Target Price Rs. 1714

Fall in crude price - Early to assess impact on the region's spending

plans. However, Saudi Arabia’s 2015 budget provides some

comfort.

L&T stock has underperformed the market in recent months on concerns

related to loss in hydrocarbon division 2) drop in profitability at its other

verticals mainly Power 3) Weak execution 4) delay in monetization of

infrastructure assets.

We see the following positives 1) likely ordering of highway and rail

projects 2) potential softening of interest rates 3) greater thrust on

indigenization of defence equipments 4) potential big ticket projects from

states that have recently formed governments. Upgrade to BUY.

LINK

http://www.kotaksecurities.com/pdf/pdfs/FUNDLT26122014092229.pdf