L&T gains 4% as brokerage Motilal Oswal raises target price to Rs 1,950
Shares of Larsen & Toubro (L&T) moved higher by 4 per cent to Rs 1,664.75 on the BSE in intra-day trade on Friday after brokerage firm Motilal Oswal Financial Services increased the target price of the stock to Rs 1,950, largely driven by mark-to-market (MTM) of listed information technology (IT) subsidiaries. The stock of the engineering & construction (E&C) company had hit a record high of Rs 1,676.70 on August 16, 2021.
“In the past month, L&T Infotech has rallied 18 per cent, MindTree 28 per cent, and L&T Technology Services 11 per cent. Factoring in the current market prices of the listed subsidiaries (after applying an unchanged holding company discount of 20 per cent), our target price for L&T now stands at Rs 1,950,” Motilal Oswal said in a stock update.
