Mumbai :
In a recent development, the giant corporation Larsen & Toubro (L&T) has revised its share buyback plan.
Originally set at Rs 3,000 per share, L&T has increased the buyback price to Rs 3,200 per share.
However, the company now intends to repurchase only 3,12,50,000 shares, down from the previously announced 3,33,33,333 shares.
L&T Shares Surge to 52-Week High
L&T Shares Soar as Buyback Price Hike Spurs Investor Confidence
Following the announcement of the increased buyback price, experts predicted a positive response in L&T’s stock performance.
This prediction materialized as L&T shares opened at Rs 2,954.05 on the BSE on Tuesday but quickly climbed to Rs 3,002.95, marking a 3.76 percent increase
and reaching a 52-week high. In less than 10 minutes, the stock price reached Rs 2,992, with a 3.38 percent rise.
L&T Secures Rs 75,000 Crore in Work Orders
L&T Secures Impressive Rs 75,000 Crore in Work Orders for the Current Fiscal Year
In the ongoing fiscal year, Larsen & Toubro has successfully secured work orders amounting to a staggering Rs 75,000 crore.
ICICI Securities projects that the company’s order flow could experience a 20 percent surge in the second quarter.
It’s worth noting that the record date for L&T’s share buyback has been set for September 12, 2023, with the buyback plan initially announced in July.
