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L&T is in a sweet spot as both domestic and middle east prospects are looking bright. FY22-25E, the brokerage anticipates the core E&C EBITDA to rise at 22% CAGR vs 16% in FY15-19 when it traded at 12x EV/EBITDA.

The stock quoted a 52-week high of Rs 5790.0 and a 52-week low of Rs 3314.0.

The stock quoted a 52-week high price of Rs 2282.25 and a 52-week low of Rs 1513.3.

However, if an OTM put option is bought ahead of any event which suggests that India VIX or volatility index will rise, then an option buyer can make good profit. This is because option premiums rise when VIX rises as it indicates the panic in the market.

Promoters held 74.96 per cent stake in the company as of September 2022 quarters while FIIs owned 0 per cent and DIIs 7.66 per cent.

The Nifty Bank index was trading 0.37 per cent up at 43380.85.

Gold prices edged up as the US services PMI slumped to 44.4 in December 2022, well below market expectations of 46.8. The latest data signalled the fastest pace of contraction in the service sector for four months, said ICICI Direct Research.

Expensive valuations in the near term will be burnished by its rapid pace of growth. The brokerage maintain its Buy rating with a target price of Rs 2,910 (60x Sep’24 EPS).

“We expect strong RoA improvement to 1% by F25, helped by higher PPoP margins/lower credit costs as macro improves further. But at 1.6x F24 P/BV, the stock is pricing this in. Beyond 1% RoA, improvement will be tough and gradual as we see the much higher competitive intensity in this cycle,” Morgan Stanley said.

Stock has broken out of a month long consolidation, making a base at 2,000 levels