L&T share price hits 52-week high on winning large orders; CLSA raises target price
Larsen & Toubro (L&T) share price rose 3% to hit a fresh 52-week high Thursday after the construction major said its buildings & factories business bagged orders in the large category which are in the range of ₹2,500-5,000 crore. L&T shares gained as much as 2.90% to ₹a high of ₹3,114.00 apiece on the BSE. The business has secured an order to construct a residential township in Bengaluru involving the construction of 3,627 apartments spread across 19 Towers.
The total built up area will be approximately 9.7 million sq.ft., the engineering and construction major said. The business also secured orders from a developer to construct Commercial Towers in Hyderabad. The scope of work includes construction of 2 buildings with a combined built-up area of 4.2 million square feet, L&T said in a release.
Also Read: Sobha, Macrotech Developers' shares jump on record Q2 sales, pre-sales Additionally, the business has bagged an order from the Indian Institute of Technology, Kanpur to construct a Super Specialty Hospital & Academic Block as part of the Gangwal School of Medical Sciences and Technology. The project involves construction of a 500 bedded Hospital block (G+5 floors) & Academic Block (G+5 floors). (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Global brokerage firm CLSA maintained a ‘Buy’ rating on L&T and raised the target price to ₹3,600 per share from ₹3,240 earlier.
Read more on livemint.com
