Larsen & Toubro shares gained as much as 2.14 per cent in the morning trade on Tuesday after the company announced that its construction arm has won orders worth Rs 1,247 crore
Larsen & Toubro (L&T) shares gained as much as 2.14 per cent in the morning trade on Tuesday after the company announced that its construction arm has won orders worth Rs 1,247 crore in the building & factories and power transmission & distribution businesses. Stock upgrade by Credit Suisse to ‘outperform’ from ‘neutral’ also supported L&T shares in the early trade.
At 10.33 am, shares of L&T were trading 1.78 per cent up at Rs 1,195.75. The scrip opened at Rs 1,185 and had touched a high and low of Rs 1199.95 and Rs 1,185, respectively, in trade so far. Later, the shares of the company ended 0.41 per cent up at Rs 1179.60.
Credit Suisse says positive surprise possible from railways, defense, power and real estate that have not contributed in FY16 so far, bottoming of execution, margin benefit from commodities decline and asset divestitures.
Larsen & Toubro shares have 28 ‘buy’, 12 ‘hold’ and 3 ‘sell’ ratings. The share price of the company fell 6.5 per cent in the past four trading sessions.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services wit hover $15 billion in revenue. It operates in over 30 countries worldwide.
(With inputs from Reuters)