Larsen & Toubro Ltd. shares surged the most since mid-May on Wednesday morning after the company's first-quarter net profit fared better than street expectations. The scrip was the top point contributor in Nifty 50, India's benchmark index.
India's largest engineering, procurement and construction company posted a 30% rise in the bottomline at Rs 3,617 crore in the April-June period, according to an exchange filing on Tuesday.
The consolidated order book of the group as of June 2025 stood at Rs 6.12 lakh crore, registering a growth of 6% over March 2025, with the share of international orders steady at 46%.
The company received new orders worth Rs 94,453 crore at the group level during the quarter ended June, registering a growth of 33%.
L&T shares received multiple target price hikes from brokerages, including Goldman Sachs.
L&T share price advanced 4.13% intraday to Rs 3,639.9 apiece, the highest since July 2. The scrip was trading 3.7% higher by 9:26 a.m. The benchmark NSE Nifty 50 was flat.
The total traded volume so far in the day stood at 1.15 times its 30-day average. The relative strength index was at 61.
The stock has fallen 4% in the last 12 months but remains flat on a year-to-date basis.
Of the 19 brokerages tracking the company and sharing their recommendation after the Q1 results, 17 place a 'buy' rating and one each has a 'sell' and a 'hold', as per Bloomberg.
Investec has the highest target price of Rs 4,460 on L&T shares, followed by ICICI Securities' Rs 4,450 and JM Financial's Rs 4,313.
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