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Shares of engineering services firm L&T Technology Services Ltd climbed as much as 13.8 per cent to Rs 1,488.05, their highest since February 16, on June-quarter results.
The company's June-quarter net profit jumped to Rs 198 crore ($28.7 million) from Rs 98.2 crore a year earlier.
Large deals won by LTEH over past year have started to ramp up and should boost growth in FY19; pipeline remains healthy across most verticals, says CLSA Research. It has maintained “buy” rating and a price target of Rs 1,750.
Of 13 brokerages covering the stock, 8 rate it “buy” while 3 rate “hold” and 2 “sell”; their median price target is Rs 1,43, according to Thomson Reuters data.
L&T Tech stock had gained 27.2 per cent this year as of last close.
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