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The stock quoted a 52-week high price of Rs 2550.95 and low of Rs 1660.65.

The market watchdog has also relaxed the rules with regard to adding a nomination for the trading accounts by making it a voluntary requirement. Earlier, the regulator said all trading accounts and dematerialised accounts, which do not have ‘choice of nomination’ by September 30, will be frozen.

Well, I do not know how far, much further it can go. Everyone was saying 95 and keep an eye on it. Well, we are at 97.5 now. So, we are knocking on the door of 100.

“The investment cycle in India and in the Middle East where L&T is very strong is picking up in a big way. According to us, it will remain a beneficiary in the foreseeable future. For the next three to five years, we see nothing changing negatively for the sector and the company in specific. Our idea is to remain invested in structural ideas.”

A total of 49,390 shares changed hands on the counter till 12:53PM (IST)

The stock traded at a P/E multiple of 49.95, while the price-to-book value ratio stood at 23.88.

Analysts say the deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing.

FPI purchases saw a sharp slowdown in the September quarter, as they net invested just Rs 21,900 crore or $2.6 billion in the secondary market, after pumping in Rs 1.02 lakh crore ($12 billion) in the preceding quarter, data by StockEdge showed.

“There is technically a very positive setup for a stock like L&T. While the valuations are not exactly cheap, the positioning of L&T and the less floating stock makes sense to really have some allocation towards it for let us say about 12 months or so, there is a case for a 20-25% kind of an uptick over there.”

Plaza Wires, a fast-moving electrical goods company, is set to launch its IPO on September 29. The IPO consists of a fresh equity issue of 1.32 crore shares, with a price band of Rs 51-54 per share. The company aims to raise funds for setting up a new manufacturing unit, expanding its product portfolio, and meeting working capital requirements. The IPO is expected to be listed on both exchanges, with the final share allotment on October 9 and listing on October 12.