L&T jumped 5.78% to Rs 1,208 at 10:06 IST on BSE after a foreign brokerage house raised its target price on the stock to Rs 1,305 from Rs 1,137.
Meanwhile, the BSE Sensex was up 178.42 points, or 0.83%, to 21,692.29.
On BSE, so far 3.66 lakh shares were traded in the counter, compared with an average volume of 2.07 lakh shares in the past one quarter.
The stock hit a high of Rs 1,221.80 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 1,144 so far during the day. The stock hit a 52-week low of Rs 678.10 on 28 August 2013.
The stock had outperformed the market over the past one month till 6 March 2014, rising 17.18% compared with the Sensex's 5.92% rise. The scrip had also outperformed the market in past one quarter, rising 4.14% as against Sensex's 2.46% rise.
The large-cap company has an equity capital of Rs 185.38 crore. Face value per share is Rs 2.
L&T's net profit rose 10.6% to Rs 1240.70 crore on 11.8% growth in net sales to Rs 14387.51 crore in Q3 December 2013 over Q3 December 2012.
L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
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