L&T; Technology Services Ltd's (L&T; Tech) provides a pure play in the Engineering and R&D; services (ER&D;) space which is expected to grow at CAGR of 14% over 2015-2020. Further, L&T; Tech's target of 15% growth in FY17 and doubling of revenue in ~4 years would enable it to outperform the industry. While PER of 21x FY16 is at a premium to the large-caps and is expensive in the current IT services business environment, we believe that it provides good investment opportunity...