Larsen & Toubro shares gained more than a percent in morning Wednesday after global research firm Credit Suisse maintained its outperform call on the stock.
The brokerage expects the stock to rally more than 34 percent to meet its target price of Rs 1,700 apiece as order inflows guidance is no longer a challenge for the company and inflows are likely to exceed company's FY19 guidance.
"We stay outperform on strong domestic pick-up, lower dependence on Middle East. Company has adequate pipeline of real estate development," it said, adding the stronger visibility is required to underwrite strong growth.
The stock was quoting at Rs 1,280.75, up Rs 16.60, or 1.31 percent on the BSE, at 09:42 hours IST.
The brokerage which is sanguine on margin as well said it revised FY19/FY20/FY21 EPS estimate by +2 /-1 /2 percent on model changes.
Meanwhile, during the current quarter (January-March 2019) its arm L&T Construction has received a mega contract for design and construction of a major airport, significant contracts for the power transmission & distribution and water & effluent treatment businesses, large contract for construction of hospitals, contracts for individual rural water supply projects by Government of Odisha. The construction arm also won orders valued Rs 1,060 crore.
L&T Hydrocarbon Engineering received a mega contract for south west gas fields development project from Sonatrach-Algeria, and two significant contracts for ethylene glycol project from IOCL. Its consortium wins another EPCI order from Saudi Aramco.
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