The market opened in the green today as the BSE Sensex gained 398.31 points or 0.74% to open at 54576.80 while the Nifty 50 opened 140.80 points or 0.87% points higher at 16273.70.
The positivity was seen in the share price of Larsen & Toubro Limited as well. The shares opened at Rs 1624 in today’s trading session. Till 11.30 am the stock gained approximately 5% and was trading at Rs 1,683 levels.
In the first half of January 2022, the stock was trading at Rs 1922 levels. From there it spiked to reach its 52-week high of Rs 2,078.55 towards the end of the month. Since then the stock has been declining. It is currently trading at an approximately 18% discount from its high. However, in the last five days, the stock has gained momentum and zoomed by more than 7%.
Larsen & Toubro Ltd (L&T), is an Indian multinational conglomerate with business interests in engineering, construction, manufacturing, technology, and financial services. The company is counted among the top five construction companies in the world.
Brokerage firm HDFC Securities has given a ‘Buy’ call for the stock with a target price of Rs 2296 which represents an upside of 42%.
“L&T secured a soft loan of INR 30 Billion from the Telangana government and is in talks to bring an equity partner to hold a 51% stake in Hyderabad metro project. Along with that, the company unveiled its Lakshay 2026 strategic plan, wherein it is targeting INR 3.4 Trillion of order inflow,” said HDFC securities.
In FY22, the company earned a total revenue of Rs 156521 Crores as compared to Rs 135979 Crores the year ago. Their net profit saw an increase of 120% to Rs 10291 crores as compared to Rs 4668 in FY21.
Written By – Anoushka Roy
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