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Shares of information tech firm Larsen & Toubro Infotech Ltd climbed 7 per cent to Rs 1,846.75 on Q1 results.
The company had said on Monday that the Q1 profit attributable to shareholders was up 35 per cent at Rs 361 crore . Revenue from business and financial services, its biggest division, rose 33 per cent.
Brokerage Ambit has raised the target price by 16 per cent to Rs 2,050. It has also raised FY19-21 EBIT estimates by 4-8 per cent on strong profit beat.
Ambit expects FY19 outlook to remain strong on macros (US tax cut), and increased spending by LRTI's top clients (Citi bank). The brokerage has reiterated LRTI as top buy in the sector. Up to Monday's close, L&T Infotech had risen 53.8 per cent YTD.
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