Last Updated:
L&T board has approved fundraising plans of up to Rs 12,000 crore, through different debt-based instruments.
L&T shares rise 3%
L&T Share Price: Larsen & Toubro (L&T) shares jumped 3% to Rs 3,515.9 in Monday’s intraday trade on the BSE after the company’s board approved a fundraising plan of up to Rs 12,000 crore through various debt-based instruments. The approved long-term borrowings will be raised via external commercial borrowings (ECBs), term loans, non-convertible debentures (NCDs), or other suitable instruments.
In a key management change, L&T appointed Subramanian Sarma, Whole-Time Director and President (Energy), as Deputy Managing Director and President, effective April 2, 2024, until February 2028. Additionally, the company’s Buildings & Factories (B&F) vertical secured an order valued between Rs 2,500 crore and Rs 5,000 crore from Brigade Group for residential and commercial projects in Hyderabad and Chennai.
Stock Outlook and Technical Indicators
According to Trendlyne, the average target price for L&T shares is Rs 4,092, indicating a 17% upside from the current levels. The stock has received a ‘Buy’ rating from 32 analysts.
On the technical front, L&T’s Relative Strength Index (RSI) stands at 63.3, suggesting the stock is in a neutral zone, as RSI below 30 is considered oversold, while above 70 indicates overbought conditions. Meanwhile, the MACD (Moving Average Convergence Divergence) is at -34.8, below its center line, signaling a bearish trend.
L&T shares are trading above their 5-day, 10-day, 20-day, 30-day, and 50-day simple moving averages (SMAs) but remain below the 100-day, 150-day, and 200-day SMAs. Over the past six months, L&T has declined 8%, but it has gained 10% in the last two weeks and 62% over the last two years. The company’s market capitalization stands at Rs 4,80,451 crore.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.