L&T share price at 52-week high as global brokerages retain 'buy'

#Buzzing Stocks, Larsen & Toubro

Larsen & Toubro (L&T) share price added a percent in intraday trade on September 15.

The Mumbai-headquartered engineering and construction conglomerate was in focus as global brokerages maintained a “buy” call on the stock.

Jefferies retained its “buy” rating with the target at Rs 2,105, an upside of 22 percent from the current market price. It sees a more capex-intensive India over the next three-five years.

The company is focussing on new technologies to raise the share of its green portfolio. Order flow and strategic planning would be the key triggers over the next six months, it said.

The stock was trading at Rs 1,716.40, up Rs 20.20, or 1.19 percent. It has touched a 52-week high of Rs 1,722. It has touched an intraday high of Rs 1,722 and an intraday low of Rs 1,697.25.

Global brokerage CLSA, too, stayed with a “buy” call with the target at Rs 1,950, an upside of 13 percent from the current level.

The company is bullish on the capex cycle pick-up led by the Indian government and the Middle East. Bullishness is based on a $122-billion bid pipeline as of June end, it said.

The company is confident of maintaining margin despite elevated materials costs. ESG and capital reallocation initiatives have begun to bear fruit, the brokerage said, adding the capex cycle may be on the cusp of an upturn.

Following repeated requests of support from the company, the Telangana government has formed a high-level committee to look into the pros and cons of supporting the loss-making Hyderabad Metro Rail, a release said.

The decision comes after L&T, which operates the Hyderabad Metro, made several requests for support. The elevated rail corridor suffered heavy losses due to the COVID-19 pandemic and lockdown, a release said on September 14.

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