The stock had fallen 53 percent in six months ended March 23 but has since regained strength, with more than 22 percent gains.
Engineering and construction major Larsen & Toubro share price gained 1.7 percent in the morning trade on April 23 following strong order inflow in quarter ended March 2020.
"L&T exceeded our Q4 order inflow expectations by Rs 15,000 crore and FY20 order inflow announcements totalled to Rs 1.2 lakh crore," CNBC-TV18 quoted Credit Suisse as saying.
Order inflow was led by strong central PSU ordering in power and hydrocarbons, while international orders have remained strong at about Rs 32,500 crore, it added.
The global brokerage house feels the diversified range provides a safety net against a sharp decline due to any one factor.
According to the research firm, the stock can have earnings and multiple upgrades from current levels.
The stock had fallen 53 percent in six months ended March 23 due to a likely drop in orders and the nationwide lockdown, but has since regained strength with more than 22 percent gains till now.
At 0934 hours, it was quoting at Rs 859.20, up Rs 6.55, or 0.77 percent, on the BSE.
L&T started the new financial year on a strong note, receiving orders in the range of Rs 30,000-37,000 crore in April, so far, data available with exchanges show.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
