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Shares of Larsen & Toubro Infotech hit near 4-week high on Q4 profit. The stock jumped as much as 5 per cent to Rs 1,674.7, its highest since April 27.
The IT services company had on Wednesday posted 14 per cent jump in March-quarter profit. The company has reported another strong quarter and continued to beat consensus forecast across the board, says IDBI Capital.
It expects the Mumbai-based firm to maintain positive outlook for FY19 and provide Y-o-Y revenue growth outlook of mid-teens.
About 15 brokerages of the 18 covering the stock rate it ”buy” or higher and 3 “hold”. Their median price target is Rs 1,420, according to Thomson Reuters data. The stock had risen nearly 43 per cent this year as of Wednesday's close.
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