L&T Wins Order To Construct New AIIMS, Stock Jumps To Record
The significant-order category comes between Rs 1,000 and Rs 2,500 crore.
Shares of Larsen & Toubro Ltd. hit an all-time high on Tuesday after winning a " significant order" for its buildings and factories business.
The health business unit secured an order to construct a new AIIMS in Rewari, Haryana, on a design, engineering, procurement and construction basis in the third quarter, according to the exchange filing.
L&T identifies contracts between Rs 1,000 and Rs 2,500 crore as significant orders.
According to Citi Research, L&T's third-quarter revenue is expected to grow on the back of strong order inflows and execution. It has raised its target price on the stock to Rs 4,082 from Rs 3,547 earlier.
Shares of L&T rose as much as 2.65% to hit record high of Rs 3,593.75 apiece on the NSE. It was trading 2.51% higher at Rs 3,588.85 apiece, compared to a 0.88% advance in the benchmark Nifty 50 as of 12:11 p.m.
The share price has risen 69.15% in the last 12 months. The relative strength index was at 68.
Thirty-three out of the 36 analysts tracking the company have a 'buy' on the stock, one recommends a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 2.8%.
