L&T shares fell 6.05 per cent to hit a low of Rs 3,413.55 on BSE. With this, the stock's year-to-date returns have fallen in the negative terrain. The scrip is still up 61 per cent in the past one year.
Shares of Larsen & Toubro (L&T) fell over 5% on NSE after Q3 earnings missed estimates. Kotak Institutional Equities downgraded L&T stock to Sell . Citi maintained Buy stance, citing healthy order inflows and execution. L&T reported a 15.5% YoY growth in consolidated net profit for Q3. Consolidated revenue rose nearly 19% YoY. L&T remains well-placed to benefit from capex growth in India and Middle East.
L&T has been forming a rounding top formation on the daily timeframe. It created a base at 50-DMA and bounced back from the demand zone at around Rs 2,850 level.
L&T order win: The order comprises of engineering, procurement, & construction for gas processing plant, consisting of Inlet separation facilities, booster compression system, Amine gas recovery unit and dehydration unit.
The fresh order is for designing and construction of an Underground Road tunnel project between Orange gate, Eastern Free Way to Marine Drive Coastal Road at Mumbai, L&T told BSE.