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Shares of Larsen & Tourbo gained 6.99% intra-day on Friday to touch highest level in more than two-and-a-half years at Rs 1,221.8. The scrip was trading 4.99% higher at Rs 1199 on BSE at 2.30pm IST.
Analysts have raised their target price on the scrip recently. Macquaire in a note on Thursday said that L&T is the best placed infra company to benefit from the coming "cyclical turn". The brokerage raised the target price to Rs 1,312.
Citigroup has raised its target price for L&T to Rs 1,305. "We expect L&T will emerge stronger from recent Indian economic deceleration and outperform peers when economy accelerates," Citigroup said in a note on Thursday.