Mumbai: JP Morgan downgraded Larsen and Toubro Ltd to "underweight" from "overweight" and cut its target price to 1,150 rupees from 1,550 rupees, citing inflow growth of 8.5 percent against management's guidance of 15-20 percent.

The investment bank also downgraded Bharat Heavy Electricals to "underweight" from "neutral" and lowered its target price to 185 rupees from 200 rupees, citing prospect of capacity under utilization and pricing pressure on new orders.

L&T was trading up 0.4 percent while BHEL was down 0.7 percent in a slightly weak Indian market.


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