Shares of L&T hit their highest level on Tuesday after winning “large orders” in the building and factory segment. According to exchange filings, in the third quarter, L&T’s health business unit has received an order to build a new AIIMS in Rewari, Haryana. The company will do all the work from design to engineering of this hospital.
L&T considers contracts worth between Rs 1,000 and Rs 2,500 crore as important orders. According to Citi Research, L&T’s third quarter earnings are expected to increase due to getting bigger jobs and completing the work on time. It has increased its target price on the stock from Rs 3,547 to Rs 4,082.
L&T shares at record high
L&T shares rose 2.65% to reach a record high of Rs 3,593.75 on NSE. However, by the time the market closed, this rise had reduced to 1.5%.
The share price has increased by 69.15% in the last 12 months. Out of 36 analysts tracking the company, 33 have advised ‘BUY’ on the stock, one has suggested ‘HOLD’ and two have suggested ‘SELL’.
