L&T, Voltas Gain; BoAML Bullish on Industrials

Shares in infrastructure conglomerate Larsen & Toubro (L&T) and Voltas gained over 1 per cent on Wednesday.

Global brokerage major Bank of America Merrill Lynch (BoAML) maintains bullish view on industrials and suggests buy on L&T and Voltas with a target price of Rs 2,133 and Rs 348 respectively. Target price on both the stocks are more than 25 per cent from their current market prices. The brokerage says these stocks are well below their historical peak and could get re-rated further.

BoAML says capex cycle is set to revive in India. Also, the brokerage expects orders worth $360 billion to be awarded globally between FY15 and FY17.

Voltas shares ended  2.17 per cent lower at Rs 266.40 apiece while L&T shares closed at Rs 1,661.60, up 1.03 per cent against 0.52 per cent fall in the broader Nifty.