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Larsen & Toubro shares jumped as much as 3.4 per cent to Rs 1,422.50, their highest in nearly four weeks on Q4 results.
The company had on Monday registered 4.72 per cent jump in consolidated net profit to Rs 3,167.47 crore for the fourth quarter ended March 31, 2017-18. It had clocked a net profit of Rs 3,024.61 crore in the January-March quarter of the preceding fiscal, 2016-17.
Jefferies believes over the next 12 months L&T will benefit from macro tailwinds apart from company-specific improvements. It has kept “buy” rating with a price target of Rs 1,925. The brokerage believes domestic execution, which is better margin vs international, will lead to margins sustaining with some upward bias.
The stock has posted biggest intraday percentage gain since February 26. It has clocked sixth straight session of gains, up 9.4 per cent this year as of Monday's close. Over 1.8 million shares traded vs 30-day average of 1.7 million shares.
(With inputs from Reuters)
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