L&T’s share price was off to a wobbly start on Thursday after making gains for two straight sessions.

What Happened: The shares of the construction giant traded flat today even as global research firm Jefferies maintained its “buy” call on the stock. The firm has a price target of ₹2,900, an over 20% upside from the stock’s last closing price of ₹2,394.45.

The firm said in its note that the company has already announced 34% of its expected quarter announcements in the first quarter of FY24 (April 2023- March 2024). The firm added that the company should see good order flow in the first of FY24 driven by elections. In the second half of the financial year, the firm sees the company benefitting from margin recovery.

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L&T shares have remained upbeat on the back of consistent order flow this year. The stock also went on to hit an all-time high of ₹2,419.90 last week. Last week, the company announced that its Hydrocarbon business secured an offshore project from a prestigious overseas client. The value of the contract was around ₹1,000 crore to ₹2,500 crore.

Price Action: L&T’s share price was down 0.29% to trade at ₹2,387.60, as markets opened on Thursday.

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