Shares of infrastructure major Larsen & Toubro (L&T) experienced a bullish run following strong quarterly results, rising nearly seven percent on Thursday, marking the fourth consecutive day of gains. Notably, the shares have increased even as the Sensex and Nifty indices face selling pressure.
During the trading session on Thursday, shares of L&T reached a high of ₹3,637. The stock's 52-week peak is ₹3,948.60, achieved on June 3, 2024, while it recorded a low of ₹2,872 in November 2023.
Expert OpinionsExperts have expressed optimistic views regarding L&T's stock. MK Global maintained a "Buy" recommendation with a revised target price of ₹4,300, up from the previous ₹4,100. They noted that inflows and revenue growth exceeded expectations, although the profit margin remains below 10.3 percent. Meanwhile, Nuwama has set a target price of ₹4,000 for the stock.
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Quarterly Results OverviewLarsen & Toubro reported a 5 percent increase in net profit, totaling ₹3,395 crore for the quarter ending September 2024. This growth is attributed to a rise in income, compared to a net profit of ₹3,223 crore in the same quarter last year. The company's revenue surged to ₹62,655.85 crore, up from ₹52,157.02 crore in the corresponding period last year. However, expenditures also rose, increasing to ₹57,100.76 crore in the September quarter from ₹47,165.95 crore the previous year.
(Note: This report provides information regarding share performance and is not intended as investment advice. Always consult a knowledgeable expert before making any investment decisions.)