L&T on a roll!
Larsen & Toubro has been on a roll for the past few days, bagging one order after the other. On 29th Dec, L&T Hyrdrocarbon won orders worth Rs.894 crore. On 30th Dec, L&T Construction won orders worth Rs.2521 crore and today it announced that in the month of December alone, it clocked total orders to the tune of Rs.4006 crore. Transportation secured orders worth Rs.2053 crore, water and renewable business got Rs.729 crore, power got Rs.668 crore and heavy civil infra got Rs.228 crore.
Post this robust order inflow, FII Citi, upgraded the stock from “neutral” to “buy” rating and it increased its target price to Rs.1849. In its report, Citi has stated that L&T won Rs 73,200 crore of orders in first half, up 14% (YoY) which means that it needs Rs.79,200 crore of orders in H2FY15 to meet its over 20% guidance.
The stock is currently up 2% at Rs.1564, closer to its intra day high of Rs.1570.