Shares of Larsen & Toubro hit a record high on strong Q3 earnings. The stock surged as much as 3.6 per cent to a record Rs 1,468.
The company had posted a 53 per cent jump in Q3 profit on Wednesday. Jefferies says third quarter results have come above expectations on better margins. It has maintained 'Buy' rating and raised the price target to Rs 1,925 from Rs 1,560.
Credit Suisse says the company's domestic business is now firing on both execution and order inflows, reducing dependence on the unreliable West Asia; it has raised the price target to Rs 1,700 from Rs 1,425 and has maintained 'Outperform' rating on the stock.
The brokerage has revised the earnings estimates up by 3-6 per cent for FY18-20 on slightly better execution and margins.