L&T hits record high, up 5% in 5 days; Jefferies, UBS maintain ‘buy’ rating

Larsen & Toubro (L&T) shares have surged this week, reaching record highs and gaining up to 5 percent. On September 29, the stock hit an all-time high of Rs 3,057 per share on BSE, rising by 1.5 percent. On Friday, approximately 11 lakh shares were traded at both exchanges compared to 42 lakh shares on September 28, with a one-week average trading volume of around 23 lakh shares. L&T's construction arm recently secured a significant order from the Mumbai Metropolitan Region Development Authority (MMRDA) for an Underground Road tunnel Project in Mumbai, while their Rs 10,000 crore share buyback had a 100 percent retail acceptance ratio. Brokerages like Jefferies and UBS have maintained positive outlooks on L&T, citing order growth and international opportunities in the Middle East.