India's L&T Technology up on retaining FY rev forecast

L&T Technology Services

17/01/2024 04:25

** Shares of L&T Technology Services  LTEH.NS  rise 2.6% to
5,490 rupees; top pct gainer on Nifty IT Index  .NIFTYIT 
    ** Co on Tuesday reported Q3 net profit marginally above
estimates, but rev below expectations
    ** However, co retained rev growth forecast for current
fiscal year; expects 17.5%-18.5% growth in constant currency
    ** LTEH to benefit from multi-vertical presence, expects
strong rev growth over years, says Motilal Oswal
    ** Adds, expects co to benefit from improved industry
spending
    ** More than 242,000 shares change hands in early trade, 1x
its 30-day avg
    ** Stock gained ~43% in 2023, outpacing 24.1% growth in
Nifty IT index



($1 = 83.1325 Indian rupees)

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