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Larsen & Toubro
CLSA has a buy call on L&T as it believes the stock is a good proxy for domestic CapEx. The first order is around the corner, but new bids are key, it says, adding, the needs to win 1 of the 2 large navy orders to utilize its defense yard. The brokerage house believes the company will be a significant beneficiary of defense CapEx. Its's tie-up with Navantia, Spain, may endow with certain competitive advantages, it feels. L&T has emerged as the No 1 player in prequalification for USD 8 billion FICV projects.
Havells
Citi says Lloyd's consumer durable business acquisition by Havells for Rs 1,600 crore enterprise value does not look excessive prima facie. For funding the acquisition; some debt may be needed. The impact will depend on competitive dynamics, cost reduction and synergies say the brokerage house. Macquarie feels that the deal is reasonably priced and is likely to be neutral for the company’s near-term earnings. However, it sees potential risk to return ratios as well as cash flows of Havells on the back of this deal.
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