India's L&T Tech rises as Macquarie upgrades rating, price target

L&T Technology Services

21/02/2025 04:44

** Shares of L&T Technology Services  LTEH.NS  rise 2.7% to
5,046.4 rupees
    ** LTEH top gainer on Nifty IT Index  .NIFTYIT , which is
down 0.29%
    ** Macquarie Equity Research upgrades stock to "outperform";
hikes PT by 52% to 6,530 rupees
    ** See faster growth prospect for LTEH with acquisition of
software product engineering focused firm Intelliswift -
Macquarie
    ** Adds, downgraded stock in April expecting LTEH's growth
to lag peers Persistent Systems  PERS.NS  and Coforge  COFO.NS  
    ** Expect margin tailwinds from possible margin improvements
to Intelliswift's operations; see growth pick-up in plant
engineering segment, brokerage says
    ** LTEH up 7% so far this year vs a ~10% and ~22% dip in
PERS and COFO, respectively 
    ** NIFTYIT has shed 6.2% so far this year
     

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))