L&T shares rally on Barclays upgrade

Infrastructure major L&T saw its stocks rallying in trade following an upgrade by investment bank Barclays. The stock was up almost 2 per cent at Rs 753 on the National Stock Exchange.

According to Reuters, Barclays has upgraded L&T to "overweight" from "equal weight", saying the engineering firm's earnings cycle is heading closer to a trough and should rebound from the second half of fiscal 2014.

L&T has continued to drift lower since its Q1 2014 numbers, wherein it reported a disappointing growth on the revenues front. The stock hit a 52-week low of Rs 697 on August 22, 2013.

Infrastructure stocks have been battered recently owing to dismal conditions in the economy.

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