India's L&T hits 3-month high after brokerage expects firm to benefit from Gulf peace
BUZZ-India's L&T hits 3-month high after brokerage expects firm to benefit from Gulf peace ** Larsen and Toubro LART.NS shares rise 0.8% to 4,203 rupees, hitting their highest level since Feb 27
** Nifty 50 Index .NSEI up 0.22%
** J.P. Morgan raises TP to 5,060 rupees from 4,570, representing a 21.3% upside to its last close; reiterates "overweight" rating
** Says re-opening of Strait of Hormuz has removed key downside risk
** Adds that L&T is well placed to capitalise on Middle East oil and gas capex recovery, pick-up in core infra spending on reconstruction opportunities
** LART trades at forward 12-month PE of 26.93 vs industry median of 18.58 - LSEG-compiled data
** 23 of 29 brokerages rate stock "buy" or higher; median PT 4,495 rupees - LSEG-compiled data
** YTD, stock up 3.4% vs 8.4% decline in .NSEI
(Reporting by Abhinav Parmar in Bengaluru)
Recent news on Larsen and Toubro
See all newsBrief: Sustainable Energy Infra Sold About 2.1 Million Larsen And Toubro Shares At 123 Rupee/Share Via Bulk Deal - NSE Data
India's L&T hits 3-month high after brokerage expects firm to benefit from Gulf peace
India's L&T to invest nearly $2 billion in Tamil Nadu, state government says
India set for $2-billion drone order in biggest buy, industry body says
India seeks proposals for fifth generation combat jets, ANI reports (updated)