Tuesday, March 17, 2009

Larsen & Toubro (617) :-

The stock looks in down channel and a breakout past 635 can take it higher towards 690-700 quickly. Buy around 600-615 with SL below 580 for 700 as target.

Recent developments:-

L&T is among the largest tax payers in the country, which is a 47% increase over the previous fiscal year’s collection. L&T’s tax outgo during the January-March 2009 quarter is Rs 245 crore.

Plans to enter Non-life insurance business in JV with US-based Travelers Insurance. http://www.mydigitalfc.com/insurance/lt-firms-plans-insurance-foray-456

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