Shares of Larsen & Toubro Ltd. rose to hit record high on Friday after it incorporated a new wholly owned subsidiary L&T Semiconductor Technologies Ltd.
L&T subscribed 100% of LTST's share capital amounting Rs 50,000 crore. LTST has been formed for engaging in the business of fabless semiconductor chip design and product ownership, according to an exchange filing on Thursday.
L&T's stock rose as much as 2.79% during the day to Rs 3,195.80 apiece on the NSE. It was trading 2.35% higher at Rs 3,182.20 apiece, compared to a 0.53% advance in the benchmark Nifty 50 as of 09:52 a.m.
It has risen 53.03% on a year-to-date basis. The total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 71.51, implying that the stock maybe overbought.
Thirty-three out of the 37 analysts tracking L&T maintain a 'buy' rating on the stock, one recommends a 'hold', and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4%.
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