Shares of L&T Technology Services Ltd. snapped a two-day losing streak on Wednesday after its third-quarter profit rose in line with analysts' estimates.
"We keep our FY24/FY25 EPS estimates broadly unchanged after the 3QFY24 results," said brokerage Motilal Oswal in a report. It reaffirmed its 'buy' call on the stock with a target price of Rs 6,220 apiece, citing a better outlook for the ER&D services industry compared to the broader IT services universe and the growing penetration of outsourced ER&D services.
Shares of the company rose as much as 3.65% to Rs 5,545 apiece, its highest level since Monday. At 10:28 a.m., the stock pared gains to trade 2.9% higher at Rs 5,505. This compares to a 1.14% advance in the NSE Nifty 50 Index.
It has risen by 61.22% in the last twelve months. Total traded volume so far in the day stood at five times its 30-day average. The relative strength index was at 67.18.
Out of 29 analysts tracking the company, seven maintain a 'buy' rating, seven recommend a 'hold,' and 15 suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 12.9%.
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