Larsen & Toubro (L&T) reported modest results for the first quarter of fiscal year 2011 that were below analyst expectations on revenue but positively surprised on margins. Revenue grew 6.4% year-over-year to Rs. 7,885 crore, below estimates, due to flat performance in the engineering and construction segment. However, operating margins expanded significantly by 170 basis points due to lower subcontracting costs. The order backlog remained strong at Rs. 1,07,816 crore as of June 30, 2010 and order inflows were led by the power segment. While most positives are priced into the stock, further upside could come from value unlocking at subsidiary levels.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Monthly Economic Monitoring of Ukraine No. 232, May 2024
Larsen & Tourbo
1. 1QFY2011Result Update |Infrastructure
July 27 2010
Larsen & Toubro NEUTRAL
CMP Rs1,863
Performance Highlights Target Price -
Y/E March (Rs cr) 1QFY11 1QFY10 4QFY10 % chg (yoy) % chg (qoq) Investment Period -
Net Sales 7,885.3 7,408.3 13,585.1 6.4 (42.0)
Stock Info
Op. Profit 1,007.1 821.9 2,050.8 22.5 (50.9)
Sector Infrastructure
Net Profit 632.2 563.0 1,360.0 12.3 (53.5)
Market Cap (Rs cr) 112,382
Source: Company, Angel Research
Beta 0.96
Larsen and Toubro (L&T) posted modest set of numbers for 1QFY2011, which
were below our expectations mainly on the top-line front. In case of order book, 52 Week High / Low 1949/1371
L&T had order backlog of Rs1,07,816cr as on June 30, 2010. Order inflow Avg. Daily Volume 327,287
during the quarter stood at Rs15,626cr led by the power segment (52%). Face Value (Rs) 2
Further, the company has maintained its guidance of 25% order inflow and
BSE Sensex 18,078
revenue growth of 20% for the entire year. At current valuations most of the
positives are factored in and hence recommend a Neutral view on the stock. Nifty 5,431
Top-line below estimates, margins positively surprise: For 1QFY2011 L&T Reuters Code LART.BO
reported modest top-line growth of 6.4% yoy to Rs7,885cr (Rs7,408cr), below Bloomberg Code LT@IN
our estimates of a ~13.9% growth, mainly on account of the disappointment in
the E&C segment, which recorded flat top-line of Rs6,644cr as against our
estimate of Rs7,213cr. However, the company reported substantial 170bp yoy Shareholding Pattern (%)
jump in EBITDA margin mainly on account of lower subcontracting expenses.
Promoters 0.0
Interest cost and depreciation were in line with expectations.
MF / Banks / Indian Fls 44.8
Outlook and Valuation: L&T has always traded at a premium to Sensex
valuations, and outperformed the Sensex consistently given its strong operating FII / NRIs / OCBs 18.9
cash flows, superior return ratios (in excess of 20%) and excellent capital Indian Public / Others 36.3
efficiency. In recent times (since our initiating coverage report), the stock has
outperformed the BSE Sensex by ~20%, which was in line with our expectations.
However, we believe that at current valuations of 27.3x FY2012E earnings of
Abs. (%) 3m 1yr 3yr
Rs68.9/share there’s limited upside to our SOTP target price of Rs1,842. Hence,
we recommend Neutral on the stock. Further, it should be noted that our target Sensex 2.2 17.6 18.7
price factors in Rs1,447/share at 21x FY2012E EPS (~20% earnings CAGR over LNT 14.7 24.3 53.6
FY2010-12E) for L&T parent and values its subsidiaries at Rs394/share.
Therefore, at the current juncture, we believe that most of the positives are
factored in and the only upside can come from value unlocking at the subsidiary
level (read finance companies), which has not been factored in by us.
Key financials (Standalone)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 33,926 37,035 44,047 55,519
% chg 36.4 9.2 18.9 26.0
Adj. Net Profit 2,595 2,893 3,353 4,194
% chg 32.4 11.5 15.9 25.1
FDEPS (Rs) 42.6 47.5 55.1 68.9
EBITDA Margin (%) 11.4 12.9 12.2 12.1
P/E (x) 43.7 39.2 33.8 27.0 Shailesh Kanani
022-40403800 Ext:321
RoAE (%) 23.6 18.8 16.7 17.8
shailesh.kanani@angeltrade.com
RoACE (%) 22.0 19.7 17.8 19.2
P/BV (x) 9.1 6.2 5.2 4.5 Aniruddha Mate
EV/Sales (x) 3.5 3.2 2.7 2.2 022-40403800 Ext:335
EV/EBITDA (x) 31.1 25.1 22.4 18.1 aniruddha.mate@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1
3. 1QFY2011 Result Update | Larsen & Toubro
Top-line below estimates, margins positively surprise: L&T reported modest top-line
growth of 6.4% yoy to Rs7,885cr (Rs7,408cr), below our estimates of ~13.9%
growth, mainly on account of the disappointment from the E&C segment, which
recorded flat top-line of Rs6,644cr as against our estimate of Rs7,213cr. This was
mainly on account of inflows being heavily back ended in FY2010, with 60% of
orders coming in 2HFY2010 and 35% in 4QFY2010. However, 6.4% yoy sales
growth is in line with the internal projections of the company and they are on track
to achieve 20% growth for the year as a whole. The company ended 1QFY2011
with an order book at Rs1,07,816, up 51% yoy. The asking rate is 18.9% yoy
(Rs71,339cr) in the remaining nine months of FY2011E to meet its order inflow
guidance of 25%.
Exhibit 3: Trend in revenues Exhibit 4: Trend in order booking
16000 50.0 35,000 160.0
14000 139.5 140.0
40.0 30,000
39.8 120.0
12000 35.0 25,000 100.0
28.1 30.0
10000 20,000 80.0
25.3 65.2 63.3
8000 20.0 60.0
15,000 47.5 40.0
6000 23.4 20.0
10.0 10,000 14.3
4000 7.3 6.4 -
3.0 5,000 (16.9)
- (21.8) (20.0)
2000
(5.7) - (40.0)
0 (10.0)
2QFY093QFY094QFY091QFY102QFY103QFY104QFY101QFY11 2QFY093QFY094QFY091QFY102QFY103QFY104QFY101QFY11
Sales (Rs cr, LHS) Growth (yoy %, RHS) Order Booking (Rs cr, LHS) Growth (yoy %, RHS)
Source: Company, Angel Research Source: Company, Angel Research
However, the company reported a phenomenal 170bp yoy jump in EBITDA margin
mainly on account of lower subcontracting expenses. Interest cost and depreciation
were in line with expectations.
Exhibit 5: Trend in EBITDA Exhibit 6: Trend in net profit
2,500.0 16.0 1600 12.0
15.0 15.1
12.3 14.0 1400 10.4
2,000.0 10.0 10.0
12.8 12.0 1200 8.8 8.0
11.2 7.6 8.0
1,500.0 10.6 10.0 1000 7.6
7.0
8.8 9.1 8.0 800 6.0 6.0
1,000.0 6.0 600
4.0
4.0 400
500.0
2.0 2.0
200
- - 0 -
2QFY093QFY094QFY091QFY102QFY103QFY104QFY101QFY11 2QFY09 3QFY09 4QFY09 1QFY10 2QFY10 3QFY10 4QFY10 1QFY11
EBITDA (Rs cr, LHS) EBITDAM (%, RHS) PAT (Rs cr, LHS) PATM (%, RHS)
Source: Company, Angel Research Source: Company, Angel Research
July 27 2010 3
4. 1QFY2011 Result Update | Larsen & Toubro
Strong performance at subsidiary levels
Technology subsidiary, L&T InfoTech reported an excellent performance following
the recovery in the US and Europe markets. L&T InfoTech reported 19.2% yoy and
23.6% qoq growth in revenue for 1QFY2011. On the profitability front, the
subsidiary reported an improvement, with NPM at 14.0%, indicating effective cost
controls. The financial subsidiaries registered a revival in business, and witnessed
yoy revenue growth of 44.9% in L&T Finance and 72.1% in L&T Infrastructure
Finance for 1QFY2011. L&T Finance also saw an increase in its assets to
Rs8,000cr (from Rs7,000cr in 4QFY2010), while L&T Infrastructure Finance
increased its assets to Rs4,500cr (from Rs3,800cr in 4QFY2010).
Exhibit 7: Subsidiary performance
1QFY11 1QFY10 4QFY10 % chg (yoy) % chg (qoq)
Revenues
L&T InfoTech 565.0 474.0 457.0 19.2 23.6
L&T Finance 287.0 198.0 300.0 44.9 (4.3)
L&T Infra. Finance 148.0 86.0 134.0 72.1 10.4
PAT
L&T InfoTech 79.0 61.0 90.0 29.5 (12.2)
L&T Finance 58.0 24.0 52.0 141.7 11.5
L&T Infra. Finance 48.0 22.0 35.0 118.2 37.1
Asset base
L&T Finance 8,000 5,000 7,000 60.0 14.3
L&T Infra. Finance 4,500 3,000 4,300 50.0 4.7
Source: Company, Angel Research
Order Book Analysis
L& T registered a robust order inflow of Rs15,626cr during 1QFY2011 mainly on
account of the power segment, which contributed 52% of the overall order inflow.
Orders to the tune of ~89% for the year came from the local market, taking the
company’s outstanding order book to Rs1,07,816cr. L&T’s order book is majorly
dominated by the power (33%) and infrastructure (32%) segments. Process (15%),
hydrocarbon (14%) and others (6%) form the balance part of the order book.
Exhibit 8: Quarterly sectoral order inflow trend (Rs cr) Exhibit 9: Quarterly sectoral OB composition trend (Rs cr)
12,000 120,000
10,000 100,000
8,000 80,000
6,000 60,000
4,000 40,000
2,000 20,000
- -
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
1QFY11
Process Hydrocarbon Power Infrastructure Others Process Hydrocarbon Power Infrastructure Others
Source: Company, Angel Research Source: Company, Angel Research
July 27 2010 4
5. 1QFY2011 Result Update | Larsen & Toubro
Client-wise, 40% of the outstanding order book comes from the public sector, with
47% coming from the private sector, and the balance being captive work orders.
Notably there has been a drop in the share of public sector, which management
has cited as not a concern and guided to be revived in the ensuing quarters.
Outlook and Valuation: Positives priced in at Rs1,863
The macro outlook for infrastructure in general, and the consequent benefits for
L&T in terms of order inflows in particular, remain strong. We believe that the
company will continue to occupy a unique position in the Indian engineering and
construction space as a diversified, large engineering play, with exposure to areas
ranging from power to defence to nuclear to equipment. Further, in light of higher
margins in the quarter and management guidance, we are marginally tweaking
our numbers to factor in the same.
Exhibit 10: 1QFY2011 Actual v/s Estimates
Estimates Actual Variation %
Net Sales 8,437 7,885 (6.5)
OPM (%) 10.7 12.8 207.1bp
PAT 592 632 6.8
Source: Company, Angel Research
Exhibit 11: Change in estimates
FY2011E FY2012E
Earlier Estimates Revised Estimates Variation % Earlier Estimates Revised Estimates Variation %
Revenues 44,156 44,047 (0.3) 55,744 55,519 (0.4)
EBITDA Margins 12.0 12.2 22bp 12.0 12.1 17bp
PAT 3,306 3,353 1.4 4,155 4,194 0.9
Source: Company, Angel Research
At the CMP of Rs1,863, the stock is trading at 27.0x FY2012E earnings and 4.5x
FY2012E P/BV, on a standalone basis. We have used the sum-of-the-parts (SOTP)
methodology to value the company to capture all its business initiatives and
investments/stakes in the different businesses. On SOTP basis, by ascribing
separate values to its parent business on a P/E basis and investments in
subsidiaries using the P/E, P/BV and MCap basis, we have arrived at a fair value
of Rs1,842 for L&T, which provides limited upside from current levels. Hence, we
recommend Neutral on the stock. Further, it should be noted that at our SOTP
Target Price, the stock would trade at 27.0x FY2012E standalone EPS of Rs68.9,
which would imply a premium of ~60% over Angel’s Sensex Target FY2012E P/E
multiple of 17x. This is at a nominal discount to the historical premium
commanded by L&T over the Sensex.
July 27 2010 5
6. 1QFY2011 Result Update | Larsen & Toubro
Exhibit 12: L &T - Parent historic P/E multiple premium to BSE Sensex
Source: Company, Angel Research
The historical 1-year forward P/E band shows that L&T has traded at an
average P/E of 24.9x, 28.1x and 30.5x over the past seven, five and three
year, respectively. Therefore, our SOTP target price at implied P/E multiple of
27.0x on standalone basis is again at a nominal discount to its historical
average.
It should be noted here that we believe the discount would remain given: 1)
structural change in order book with exposure to higher gestation orders; 2)
investments in future ventures – resulting in dilution of return ratios in the
medium term, and 3) the earnings growth enjoyed by the company in the past
would not be the same going ahead.
Exhibit 13: L&T - Parent 1-year forward P/E bands
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
25-Mar-04
25-Mar-05
25-Mar-06
25-Mar-07
25-Mar-08
25-Mar-09
25-Mar-10
25-Nov-03
25-Nov-04
25-Nov-05
25-Nov-06
25-Nov-07
25-Nov-08
25-Nov-09
25-Jul-03
25-Jul-04
25-Jul-05
25-Jul-06
25-Jul-07
25-Jul-08
25-Jul-09
25-Jul-10
P/E 7YEAR AVG 5YEAR AVG 3YEAR AVG
Source: Company, Angel Research
July 27 2010 6
8. 1QFY2011 Result Update | Larsen & Toubro
Investment Arguments
Proxy to India's infra story: We believe that L&T is in an enviable position, given the
apparent shortage of good quality constructors in India. It is in a position to choose
its contracts and negotiate for price variation clauses. L&T's strong balance sheet, a
sound execution engine, wide array of capabilities, integrated operations tailored
to suit India's infrastructure growth story and multiple, recurring value-unlocking
triggers over the medium term, lead us to place faith in this default India
infrastructure story. Further, L&T has an order book of >Rs1trillon, lending revenue
visibility. With signs of pick up in execution, management has guided for an
improving scenario and we also believe that most of the pieces are falling into
place for the company.
Well-capitalised balance sheet funding the expansion: L&T has a well-capitalised
balance sheet, at a debt-equity ratio of 0.3x as of FY2010, in spite of having a
strong portfolio of assets and having invested in future growth areas. We believe
that the key factors for the same are: 1) high margins, and 2) better working
capital management.
Great Infusion-Dilution opportunity: Investment in the construction segment is
expected to double over the Eleventh Plan period, and the PPP model is assuming
greater significance in delivering and meeting physical targets in the different
segments of the Infrastructure space. The government, through Regulatory
changes, is focusing on the construction segment through the PPP mode of
investment. It expects the PPP share in the Eleventh Plan to be 30%, as against a
mere 19.8% in the Tenth Plan. This has become imperative due to the widening
gap between the demand for infrastructure and financial resources available with
the government to fund the same. Given the high growth opportunities present in
L&T's varied business verticals (Infrastructure and Finance), we feel that the
company provides a great infusion-dilution opportunity. It should be noted that
such moves lead to short-term dilution in equity, leading to the EPS getting
temporarily depressed. However, such moves also shore up the net worth of the
company, which fuels its future growth. Further, it also serves as a benchmark for
valuing the entity.
July 27 2010 8
14. 1QFY2011 Result Update | Larsen & Toubro
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
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Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
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nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement L&T
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock Yes
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
July 27 2010 14