Shares of Larsen & Toubro continued to make gains for the fourth straight session on Friday
What Happened: The surge today comes as Jefferies maintained its ‘buy’ rating for the stock with a price target of ₹3,050. The research firm said that the construction giant has made 44% of the announcements that it expected in Q2. The firm expects ₹62,000 crore order flow in Q2.
The firm said that the company should see steady orders with the general elections coming up. The analysts said that the second half of the financial year should see some recovery’s in the company’s margins.
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The firm added that the company’s buyback shows confidence in future cash flow. The construction major had announced a ₹10,000 crore buyback at a maximum price of ₹3,200 per share. As per NSE data, that buyback was oversubscribed by 7.2 times.
Brokerage firm UBS also in its latest note maintained its ‘buy’ rating on the stock raising the price target to ₹3,600 from ₹3,040.
Price Action: L&T’s share price was up 0.93% to trade at ₹3,037.95 at market open on Friday.
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