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L&T shares trade at a 52-week high as buyback price raised to Rs 3,200 per share

12 September 20232 mins read by Angel One
L&T shares trade at a 52-week high as buyback price raised to Rs 3,200 per share
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Indian headline indices started the session higher, with the Nifty 50 breaching the significant 20,000 level milestone, even as a majority of sectoral indices experienced downward movement. The main indices experienced a significant surge during the opening trades of the session, primarily driven by a robust rally in the shares of Larsen & Toubro Ltd.  

L&T stood out as the leading gainer on both the BSE Sensex and Nifty 50, as its shares surged by more than 3% and reached a 52-week high, surpassing the Rs 3,000 per share mark. Heavy buying activity ensued as the company announced that its Buyback Committee had approved an increase in the buyback price from Rs 3,000 to Rs 3,200 per equity share. 

Additionally, the company stated that the maximum quantity of equity shares intended for repurchase by the company has been reduced from 3,33,33,333 (three crore thirty-three lakh thirty-three thousand three hundred and thirty-three) fully paid-up equity shares to 3,12,50,000 (three crore twelve lakh fifty thousand). 

The company highlights that one of the primary goals of its Strategic Plan, Lakshya ’26, is to boost return on equity (RoE) with the aim of maximizing shareholder value. Initiating a share buyback program is a step-in alignment with this objective. The company had previously announced that September 12, 2023, would be the record date for the share buyback. 

Larsen and Toubro Ltd is a multinational conglomerate that is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as infrastructure, hydrocarbon, power, defence, information technology and financial services in the domestic and international markets. Shares have enjoyed a rally and soared nearly 12% in just one month, providing stellar returns of more than 52% over the last year. 

Keep a close eye on this stock for the upcoming sessions!  

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

 

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