NEW DELHI: Shares of construction & engineering firm Larsen & Toubro (L&T) surged over 6 per cent in morning deals on Thursday, buoyed by better-than-expected September quarter results.
The company on Wednesday reported a 22.53 per cent year-on-year rise in profit at Rs 2,230 crore in Q2FY19 over Rs 1,819.88 crore in Q2FY18.
Analysts in an ET NOW poll had estimated the profit figure at Rs 1,673 crore.
Brokerages have expressed their faith and maintained their bullish stance on the stock.
Global brokerage firm CLSA maintained ‘Buy’ on L&T with a target price of Rs 1,730, indicating an upside of 33 per cent against the previous close of Rs 1,298.35 on BSE. The scrip was trading 6 per cent up at Rs 1,377.35 on BSE in early trade on Thursday.
Macquarie also maintained ‘Outperform’ rating and raised a target price to Rs 1,880 from Rs 1,825 earlier.
Shares of the company pared some gains and were trading at Rs 1,356, up 4.44 per cent.