Larsen & Toubro shares hit 10-month high after Jefferies hikes price target

Larsen & Toubro shares hit 10-month high after Jefferies hikes price target

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26 Aug, 2025 12:21

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Larsen & Toubro shares hit 10-month high on October 15 after global brokerage Jefferies hiked price target for the stock.

On October 15, Larsen & Toubro shares on NSE rose 2.6% to 10-month high of Rs 3,841.4 apiece.

The infrastructure major is 3% away from lifetime high of Rs 3,963.5. Jefferies retained "buy" rating on the stock and raised price target to Rs 4,345 from Rs 4,230 earlier.

Jefferies said L&T is on track to achieve or exceed FY26 revenue, order flow, and margin guidance. Jefferies added that strong growth visibility with conservative guidance should drive L&T stock.

So far in 2025, L&T stock rose 6.5%.

L&T on Monday said its power transmission and distribution vertical has bagged 'large' grid infrastructure orders in the Middle East.

According to the company's project classification, a 'large' order is worth Rs 2,500 crore to Rs 5,000 crore.

The 400kV super grid interconnection linking the electricity networks of GCC member states has helped in efficient utilization of generation capacity and has improved the overall grid resilience, the company said in a regulatory filing.

Currently, the network of the Sultanate of Oman is connected to this interconnection through UAE’s grid at 220kV. Now a direct interconnection is being established at 400 kV level for which a 400 kV substation in UAE is crucial, the company added.

L&T PT&D has won an order to engineer, procure and construct this 400 kV Substation, the filing said.

According to the filing, the company has bagged another order for building a set of new 132kV substations in the Middle East to cater to the electricity demand growth.

In Saudi Arabia, an order has been received for the turnkey construction of 380 kV overhead transmission lines associated with the integration of renewable energy power plants.

Larsen & Toubro is a $30 billion Indian multinational engaged in engineering, procurement and construction projects, hi-tech manufacturing and services, operating across multiple geographies.