Shares in L&T rallied in trade today after the Jeffery's upgraded the stock to a buy. The firm set a price target of Rs 1650 on the stock from Rs 1550 earlier.
The L&T stock was last trading at Rs 1550, up one per cent on the upgrade. L&T has been witnessing a subdued trend in the last few days after falling oil pries raised worries over contracts for the company from the Middle East which has now become an important market for the company.
But analysts say that the same could be offset by better prospects from the domestic markets, which remains a key market for the company.
The government's thrust on the infrastructure sector would ultimately benefit the company analysts say.
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