Larsen & Toubro (L&T) shares traded lower on Monday in a weak market as equities came under pressure after US-Iran peace talks in Islamabad failed amid Middle East tensions. The stock traded at Rs 3,926 apiece at the time of writing, down nearly 1%.
The seven-day simple moving average stands at Rs 3,790.51. The stock has fallen 1.62% in the past three months. However, it has gained 9.6% over the last week.
The decline came after the company said its subsidiary, L&T Realty Properties, acquired a 100% stake in International Green Scapes (IGSL). Following the acquisition, IGSL will become a wholly owned subsidiary.
According to an exchange filing, L&T Realty Properties, a wholly owned subsidiary of Larsen & Toubro, signed a share purchase and shareholders' agreement to acquire a 100% stake in IGSL. The all-cash deal involves 58.23 lakh equity shares.
The Rs 1,123 crore transaction aims to strengthen the group's development pipeline through land-led portfolio expansion.
Meanwhile, L&T expects substantial growth in revenue from its nuclear energy business over the next five years, supported by a global push for nuclear power generation, a company executive told The Times of India.
Larsen & Toubro (L&T) Share Price Today
L&T Share Price Today
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Out of 34 analysts tracking the company, 29 maintain a 'buy' rating, four maintain a "hold", and one maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 4529.59 implies an upside of 15.3%
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