L&T’s share price jumped back in the green on Thursday after sinking down over 1% on Wednesday.
What Happened: The stock bounced back today as CLSA maintained its “buy” rating on the stock with a price target of ₹3,600. The target indicates an 18.9% upside from the stock’s last closing price of ₹3,027.75.
The brokerage noted that over the past week, the construction giant has received orders worth $1.5 billion (around ₹12,500 crore) from Mumbai Infra. The analysts added that the outlook for the company looks robust. As per the brokerage the company is likely to achieve 50% of its order inflow guidance in the first half of the financial year.
The brokerage added that the huge orders from Middle East entities are yet to come. As per media reports the company is in contention for a substantial project, with a value of $10 billion (approximately ₹82,000 crore), which concerns the Safaniyah gas field. Bids for this project have already been submitted.
Price Action: L&T’s share price was up 0.94% to trade at ₹3,056.10 at open on Thursday.
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