CLSA raises target price, L&T share price hits 52-week high on winning large orders

The share price of L&T has hit a 52-week high on the winning large orders. And now CLSA has raised tier targets. The L&T share price rose to 3% and it is going to hit its 52-week high on 5th October 2023, Thursday. This is happening after the construction major said that its buildings & factories business has bagged the orders in a very large category. The range of the category is approx Rs. 2,500-5,000 CroreThe price list of L&T has captured a decent rally as the stock has now gained over 25% in the last three months and more than 48% year to date. Read till last to know everything.

L&T

Now the Larsen & Toubro (L&T) share price has risen to 3% and it is on the way to hitting a fresh 52-week high today after the construction major. This has been done after the buildings & factories business bagged the large category orders which are going to be in the range between Rs. 2,500-5,000 Crore. L&T has shared a gain of 2.90% to a high of Rs. 3,114.00 per piece on the BSE. Sources say the business is totally secured with the order to construct the residential township in Bengaluru which involves the construction of 3,627 apartments which has spread over 19 towers.

According to the reports, the total built-up area is going to be around 9.7 million square feet. The business has also secured orders from the developer to construct Commercial Towers in Hyderabad, India. According to L&T, The work includes the total construction of 2 buildings which combines the built-up area of approximately 4.2 million sq. ft. Also the business has bagged the order from the Indian Institute of Technology, Kanpur. So that it can construct a Super Security and Academic Block. It has been done as a part of the Gangwal School of Medical Sciences and Technology. 500-bed Hospital block (G+5 floors) and Academic Block (G+5 floors) are going to be included in this new project.

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This time the CLSA, a Global brokerage firm has maintained a Buy rating on the L&T and has also raised the target price to Rs. 3,600 for each share and earlier it was Rs. 3,240 for each share. As per the belief of CLSA India urbanization and decarbonization have emerged as a decadal theme which has been led by the government to focus on fixing the issue of urban India, which is important. Mumbai has planned to invest $40 billion to decongest and decarbonize with a slew of metro rail and some bridges.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging