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Sensex down by 83 points; L&T trading at 2527 levels

August 28th, 2008

Thursday, August 28, 2008 1:32:57 PM IST

Stocks continued their down trend though the overall breadth is flat. Sensex is trading at 14213 levels down 83 points while NSE Nifty is at 4274 down 0.42%

CNX IT and Bank Nifty dipped more into the red. CNX IT is down 0.40% while Bank Nifty is down 0.86%. Cairn is up 3%. Sterlite Industries is marginally in the green. Hindalco recovered a bit but not enough to bring it to green. The script is down 3.53%.

Realty, Capital Goods, Banks are worst performers on the BSE Sectoral indices list so far today.

A leading brokerage company was giving a “Neutral” rating on L&T in its recent report. The house says L&T would report a profit of Rs 26.7b (up 29.3% YoY) in FY09 and Rs32.2b in FY10 (up 20.5% YoY). This means that the EPS will be Rs 91.4 per share and Rs 110 per share for the two period respectively. L&T’s capacity expansion plans, entry into new business areas (by setting up of Railway Business Unit etc.), increasing growth in GCC countries and thereby its global footprint and technology tieups with global majors (such as Mitsubishi Heavy
Industries) help the continue to drive its growth plans.

L&T is one of the most widely held stock by the Mutual Funds and is considered a must have script in any portfolio. The script is currently trading at 2527 levels. Its 52 week high price is 4690.00 and 52-week low price is 2101.00. Most other market firms are either putting a “Hold” or a “Neutral” rating for the stock.

1 U.S. dollar = 43.5255 Indian Rupees
1 U.S. dollar = 108.9087 Japanese Yens
1 U.S. dollar = 0.6770 Euros
1 Ounce Gold = $834.20
1 Barrel Crude Oil = $119.02

Entry Filed under: Equity Markets, Infrastructure