L&T ends flat...Moody`s changed outlook to -ve from stable
India Infoline News Service / Mumbai Aug 20, 2009 18:30
Shares of L&T slipped from days high to flat at Rs1482. The stock opened at Rs1499.
Moody's Investors Service today changed the outlook on L&T Baa2 issuer rating to negative from stable. The change in outlook reflects the increase in L&T's consolidated debt, which is higher than our previous expectations as a result of the company's rapid growth plans," says Ivan Palacios, a Moody's AVP/Analyst. "This increase in debt is evident at L&T's stand-alone level -- because of its large capital expansion program -- as well as at its infrastructure development and finance subsidiaries," adds Palacios, Moody's lead analyst for L&T.Shares of L&T slipped from days high to flat at Rs1482. The stock opened at Rs1499 and made an intra-day high of Rs1518 and a low of Rs1475. Total traded volumes stood at 0.47mn shares.