L&T Technology Surges 10% on Strong Earnings Projections
On Friday, shares of L&T Technology Services (LTTS) hit a new 52-week high of Rs 4437.30, surging more than 10% on the NSE following the management's robust growth outlook.
LTTS aims to achieve a revenue of $1.5 billion and 18% earnings before interest tax (EBIT) margins by FY25 and hopes to get benefited from increased digitization driven from ER&D (engineering and research and development) spends. The sector's overall ER&D spending is likely to improve from $1.4 trillion to $1.7-1.9 trillion by calendar year 2023, the company's management said.
The company's shares have rallied up to 62% in past three months as compared to a 11% advance in the benchmark Sensex.
The company's management has increased its focus on large accounts with large deals for driving growth. It also sees scope for improving margins led by offshore shift and highlighted large areas of corporate investment for significant growth opportunities.
At 1:30 pm, the stock was trading 7.38% higher at Rs 4350.00 on the BSE, as compared to 0.34% increase in the S&P BSE Sensex.
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