This is the biggest single-day gain that the stock has had since March 2020. The stock ended as the best performer on the Nifty 500 index on Friday.
Gains on L&T Technology Services came on strong volumes as well. At the close of the trading session, as many as 35 lakh shares of L&T Technology Services had changed hands, which were significantly higher than their 20-day average of 1.5 lakh shares.
Friday’s volumes on L&T Technology Services were also the highest in a single trading session since July 2021. Turnover of ₹1,151.1 crore was 12% of the total free float market capitalization of ₹9,533 crore. L&T Tech was one among the 44 stocks on the Nifty 500 that ended the session with gains.
The stock began to rebound in today’s trading session after slumping to a 52-week low in the early minutes of trade. The stock had made a 52-week intraday low of ₹3,010 before the rebound began at around 11 AM. That was also the time when volumes began to pick-up on the stock.
No major announcement has been shared by L&T Technology Services on the exchanges. According to Bloomberg, Canara Robeco Midcap Fund increased stake in L&T Technology Services in the month of February, along with LIC Mutual Fund, who also boosted its stake in the company.
Brokerage firm Centrum, in a note on March 12, retained its “Neutral” rating on the stock, with a price target of ₹4,451, which implies an upside potential of 43% from the previous closing levels.
32 analysts have coverage on L&T Technology Services, of which 9 analysts each have a “buy” and “sell” rating on the stock, and 14 others have a “hold” rating.
Shares of L&T Technology Services ended 10.8% higher on Friday at ₹3,470.
