You are here: Home » Markets » News
Business Standard

2 L&T Group stocks hit 52-week highs

Larsen & Toubro Infotech and L&T Technology Services have rallied by up to 9% in intra-day trade, hitting their respective 52-week highs on the BSE.

SI Reporter  |  Mumbai 

A sign of Larsen and Toubro (L&T) is placed on a road divider in Mumbai

Shares of two Larsen & Toubro (L&T) Group companies – (LTI) and Technology Services (LTTS) – hit their respective 52-week highs on the BSE in an otherwise subdued market.

is a global technology consulting and digital solutions company, while focuses on engineering and R&D (ER&D) services.

has rallied 9% to Rs 949 in intra-day trade, extending its 8% gain of the past two trading sessions on the BSE, after it posted a better than expected net profit in September quarter (Q2FY18). The company reported a profit of Rs 273 crore for Q2FY18, up 2% from Rs 267 crore in the previous quarter.

Revenue grew 5% q-o-q to Rs 1,751 crore. On constant currency (cc) revenue basis revenue grew 3.5% q-o-q and 11.7% y-o-y.  Analysts on an average had expected profit of Rs 267 crore on revenue of Rs 1,721 crore for the quarter.

The board declared first interim dividend for the financial year 2017-18, of Rs 8 per equity share.

The stock is trading at its highest level since its listing on July 21, 2016 on the BSE. The company had raised Rs 1,230 crore through initial public offer (IPO), by issuing shares at price of Rs 710 per share.

According to analyst at IIFL Institutional Equities, has delivered the strongest q-o-q revenue growth of 3.5% cc within our coverage universe and it continues with its beat and raise trajectory.

We believe this consistent earnings delivery justifies rerating and maintain our BUY rating on the stock with 12-month target price of Rs 970 per share, the brokerage firm said results review.

“Overall, we believe is executing well on digital strategy (ADEA: Analytics and Digital in every account), reflected in digital at 32% of revenues. Company has consistently demonstrated success in winning large deals and solid execution. Company is on track for a double digit revenue growth in FY18 with further acceleration in 2HFY18. Driven by 2QFY18 performance, we tweak estimates with increase in revenue forecasts however lower margin assumptions,” said analysts at Antique Stock Broking.

was up 4% to Rs 909, extending its Wednesday’s 6% rally on the BSE. The stock is trading close to its highest level of Rs 931 touched in intra-day trade on listing day, September 23, 2016. had raised Rs 900 crore through IPO by issuing shares at price of Rs 860 per share.

The company had reported a strong 24.9% q-o-q growth in net profit at Rs 123 crore in Q2FY18. Revenue grew 9.5% q-o-q to Rs 901 crore. In US dollar terms, revenue grew 9.2% q-o-q at $ 139.3 million. On cc revenue basis revenue grew 8.7% q-o-q and 12.4% y-o-y. The board has declared an interim dividend of Rs 4 per equity share.

said during the second quarter it added 11 customer logos and won over half a dozen multi-million dollar deals from its global customers across transportation, telecom & Hi-Tech & process industries.

COMPANY LATEST 52 WK HIGH PREV HIGH PREV DATE
L & T INFOTECH 939.95 948.90 885.95 08-Nov-17
L&T TECHNOLOGY 903.60 909.00 879.20 08-Nov-17

First Published: Thu, November 09 2017. 12:57 IST
RECOMMENDED FOR YOU