Dipan Mehta, Member at BSE & NSE is overweight on Larsen and Toubro.
Dipan Mehta, Member at BSE & NSE told CNBC-TV18, " Larsen and Toubro benefits from one very important aspect is that when investors want to look at getting into capital goods stocks, at present the choice is limited, given the scale, given the risk factor, given the order book and visibility and L&T fits into that particular bill."
"At the same time, what investors are also factoring in is that post election one should expect a lot of M&A activity within the infrastructure sector and companies like L&T are prime up for divesting some of the investments which they have made in the infrastructure projects in their subsidiaries and that way at a consolidated levels they could perhaps look at unlocking values and those subsidiaries as well as reducing their consolidated debt," he added.
"Apart from the overall growth and the pick up in the business it could come through with projects taking off. But, there is no alternative factor over here because the L&T will benefit the first of the block once the economy in the capex cycle tends to pick up and as I said earlier, we are seeing lot of flows coming in from institutional investors and their preference is clearly for the large index based stocks."
"So, we are seeing the stocks like L&T, Reliance Industries maybe even some of the other private sector banks like ICICI Bank being bid up on that count and it's just that the midcaps are doing a bit of catch up. And when it comes to midcaps in the capital goods sector there are still lots of uncertainty as far as numbers are concerned and that may not be the case with L&T given that it has built its order book on the overseas markets as well. So, lot of positives for L&T and I would like to remain slightly overweight in the stock," Mehta said.
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