India's L&T hits 3-month high after brokerage expects firm to benefit from Gulf peace

Larsen and Toubro

16/06/2026 05:40

** 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)
((Abhinav.Parmar@thomsonreuters.com;))