“Bullish on Larsen & Toubro (L&T), identifying it as a key industrial pick. Support for the stock comes from limited downside risk from the US-Iran conflict, potential for a $200 billion step-up in India's power capex, and L&T's potential to benefit from Middle East capex post-conflict for infrastructure rebuilding and gas pipelines. Medium-term option value from defense, shipbuilding, nuclear power, data centers, and semiconductors also noted.”