L&T scales fresh peak as company raises buyback price; stock has rallied over 50% in one year
L&T share buyback update: The company also announced that the maximum number of equity shares proposed to be bought back by the company has been reduced from 3,33,33,333 (three crore thirty three lakh thirty three thousand three hundred and thirty three) fully paid-up equity shares to 3,12,50,000 (three crore twelve lakh fifty thousand) equity shares.
L&T share buyback update: Shares of construction and engineering major Larsen & Toubro (L&T) rallied as much as 3.9 per cent to scale a fresh peak of Rs 3,008 apiece in the opening deals on Tuesday (September 12), a day after the company raised its share buyback price by Rs 200 to Rs 3,200. The stock finally ended at Rs 2942.80, up 1.68 per cent.
What analysts say
ICICI Securities, in its September 8, 2023 report, said that they have upgraded the stock to 'BUY' with a target price of Rs 3,141 per share. "We have upgraded the stock to buy on strong consecutive order inflow for two quarters (Q1, Q2FY24), which could likely result in beat-to-order inflow guidance for FY24, a significant buyback to reward shareholders, and consequent improvement in RoE." The brokerage expects margin improvement in Q4 and FY25E for core business amidst benign raw material (RM) prices.
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