Morgan Stanley has maintained its ‘Underweight’ rating on L&T Finance, setting a target price of ₹140, indicating a 20% downside from the current market price. The brokerage notes that retail loan growth slowed to 28% year-on-year (YoY) in Q2, down from 31% in Q1, primarily due to lower disbursements in micro and farm finance. Morgan Stanley is awaiting further details on margins, credit costs, and asset quality for Q2 to assess the overall performance.
Current market price (CMP): ₹176.23 as of 9:13 AM, Oct 7, 2024
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