Barclays upgrades L&T to 'overweight'

Reuters Market Eye - Barclays upgrades Larsen & Toubro Ltd 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.

Barclays also cites valuations, noting L&T's earnings are at 10-year lows.

However, Barclays cuts its target price on L&T to 900 rupees from 1,000 to reflect impact of rupee depreciation on margins in the near term.

(Reporting by Abhishek Vishnoi)