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CLSA is optimistic about L&T given the rising project inflow, highest ever backlog and improving execution. It said margin expansion is likely in the second half of FY24 and buyback will drive up Return on Equity (RoE).
A surge in L&T's share price since the buyback announcement was the key trigger behind the revision in the floor price.
L&T share price jumps after company increases buyback price to ₹3,200 from ₹3,000.
US-based investment firm Bain Capital sold a 2.82% stake in L&T Finance Holdings Ltd for ₹910 crore, causing the company's shares to drop 3%. Other investors bought stakes in the block deal. L&T Finance reported a 102.6% increase in net profit for Q1 FY24.
Stock market closes higher for seventh straight day, Nifty reaches new record high of 20,008.15. Positive market sentiment expected to continue.