Why L&T Shares Jumped Back In The Green Today

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.

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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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