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L&T Technology share hits all-time high after CLSA raises target price

Share of L&T Technology rose 11.26% to Rs 2,185 against Rs 1,963.65 on BSE. The stock has gained 18.33% in last 4 days

twitter-logoBusinessToday.In | December 18, 2020 | Updated 13:43 IST
L&T Technology share hits all-time high after CLSA raises target price
L&T Technology share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

L&T Technology share hit all time high in early trade today after brokerage CLSA raised its target price to Rs 2,020. Share of L&T Technology rose 11.26% to Rs 2,185 against Rs 1,963.65 on BSE. The stock has gained 18.33% in last 4 days.

L&T Technology share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 44.14% in one year and risen 47.4% since the beginning of this year. In a month, the stock has gained 27.77%. Market cap of the firm rose to Rs 21,053 crore.

CLSA upgraded the stock to outperform after the firm announced two large deal wins over the past week, including $100m, 5-yr deal from a US oil & gas major.

Sensex crosses 47K mark for first time, Nifty hits record high amid FIIs inflows, COVID vaccines hopes

The wins add to steady (albeit slow) demand revival in ER&D services market, the brokerage said. It raised FY22/FY23 EBIT estimates by 8%/10% .

On Thursday, the stock rose 8% intra day to Rs 1,991 after the company said it was recognized with the Frost & Sullivan 2020 Global Customer Value Leadership Award for its intelligent building experience management system, i-BEMSTM.

Meanwhile,  Sensex and Nifty rose to fresh all time highs in trade today. Sensex crossed the 47K mark for the first time ever amid record inflows from foreign institutional investors, progress on COVID-19 vaccines globally and signs of a nascent economic recovery in the country. Sensex rose 136 points to all-time high of 47,026 in early trade against previous close of 46,890.

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