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L&T gains more after result boost

May 18, 2010

Shares in leading engineering and construction firm L&T continued their climb and closed 3.26 percent higher on Tuesday, after a good set of quarterly numbers declared on Monday.

The firm had said it was upbeat on outlook, which helped the stock reach its best closing level in four months.

JPMorgan has raised the stock to “overweight” from “neutral”, while Deutsche Bank has upgraded the share to “buy” from “hold”.

The company on Monday said its order backlog stood at more than 1 trillion rupees at the end of March.

The engineering firm’s shares have gained 9.1 percent since May 11. Would you invest in this counter at this stage?

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