L&T Shares Hit Record High After Company Revises Buyback Price

Shares of Larsen & Toubro Ltd. hit an all-time high on Tuesday after the company increased its buyback price to Rs 3,200 from Rs 3,000 per share, as per its exchange filing.

The company had announced a buyback on July 25, following shareholder approval. After the revision in the buyback price, the number of equity shares proposed for the buyback have been reduced to 3.12 crore, representing 2.22% of the total paid-up equity shares of the company.

Shares of Larsen and Toubro rose as much as 3.97%, before paring gains to trade 3.21% higher at 9:56 a.m., compared to a 0.3% decline in the NSE Nifty 50.

The stock has risen 43.4% on a year-to-date basis. Total traded volume stood at 8.5 times its 30-day average. The relative strength index was at 81, implying that the stock may be overbought.

Of the 41 analysts tracking the company, 38 maintain a 'buy' rating, one recommends a 'hold' and two suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 5%.