Larsen Toubro up 1%, Macquarie keeps outperform rating with target Rs 1590
Shares of Larsen and Toubro (L&T) gained nearly 1 percent intraday Wednesday on the back of outperform rating by Macquarie.
The foreign broking house has kept outperform rating on the stock with a target of Rs 1590 per share.
According to the firm the valuations are going to catch up as triggers are in place.
The firm believes that the closure of big ticket orders in Q3/Q4 is a catalyst.
Earlier in this week, the construction arm of L&T has won orders worth Rs 3,572 crore across various business segments.
At 09:42 hrs Larsen & Toubro was quoting at Rs 1,216.35, up Rs 4.05, or 0.33 percent on the BSE.
Posted by Rakesh Patil