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Last Updated : Aug 06, 2019 12:30 PM IST | Source: Moneycontrol.com

Larsen & Toubro Infotech gains 3% after Morgan Stanley initiates coverage

Shares of IT solutions & services company rallied 123 percent from its issue price of Rs 710 per share. It listed on bourses in July 2016.

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Shares of Larsen & Toubro Infotech rallied 3 percent intraday on August 6 after Morgan Stanley initiated coverage with an overweight call on the stock.

The global brokerage house has set a target price at Rs 1,780 per share, implying 15.7 percent potential upside from current levels. The stock was quoting at Rs 1,578.50, up Rs 39.45, or 2.56 percent on the BSE at 1200 hours IST.

The information technology company had demonstrated strong growth and stability since its initial public offering, Morgan Stanley said . "We expect company's core business to outpace that of most peers," it added. Hence, strong earnings and healthy positioning warrant a re-rating for L&T Infotech.

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Shares of the IT solutions & services company rallied 123 percent from its issue price of Rs 710 per share. It listed on bourses in July 2016.

In the financial year ended March 2019, the L&T subsidiary reported a massive 36 percent rise in profit at Rs 1,515.9 crore and 29 percent growth in revenue at Rs 9,445.8 crore compared to previous year.

In the quarter ended June 2019, L&T Infotech showed a 10 percent year-on-year growth in profit at Rs 381.8 crore and 14 percent rise in revenue at Rs 2,315.8 crore compared to the year-ago period.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Aug 6, 2019 12:30 pm
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