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Shares of the company ended at ₹3,564 on Friday, up 4.2%, while the benchmark Nifty 50 was up 1.1%.
"L&T reported a good third quarter result, with its net profit up 14% and revenue up 17% year-on-year, which resulted in the stock's gains on Friday. The company also reported the highest ever quarterly order inflows of ₹1.61 crore, which is up 53% against last year, and the market will now be watching the execution of these orders," said Aamar Deo Singh, senior vice president of research at Angel One. Singh said that the company's order book is now a healthy mix of 40-42% international orders and rest from the domestic market.
AgenciesShares of L&T have broadly remained range bound in 2024. It made a high of ₹3,963 in December and has fallen 11.2% since then.
"With its unmatched scale and capability, L&T is well placed to navigate short term volatility in the capex cycle, while benefiting from long-term tailwinds of capex growth in India and overseas (Middle East). In the domestic market, we expect government capex to be meaningful after some slackness in FY25," said analysts at Emkay Global, in a note to their clients.
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The brokerage has a 'Buy' rating on the stock with a target of ₹4,550.
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Kotak Institutional Equities has assigned a fair value of ₹3,650 for the stock, and has a 'Reduce' rating for it. "Order inflows were very strong, driven by large order wins that may potentially impede any improvement in margin in the next few quarters. L&T continues to take incremental steps in new energy, data centers and semiconductor design, a medium-term positive," said Kotak's analysts.
Motilal Oswal Financial Services has a 'Buy' rating with a price target of ₹4,300.
JM Financial also has a 'Buy' call while InCred Equities has an 'Add' rating on the share.
