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Larsen & Toubro: The Monitorable Troika; Upside 16%

We maintain our Buy rating with an SOTP based price target of INR 1, 540 (E&C business at 23x FY20E EPS, to which we add INR490 for subsidiaries). LT trades attractive at 22x/19x standalone EPS for FY19/20 (ex-subsidiaries).
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