February 1, 2018 / 4:13 AM / 22 days ago

BUZZ-India's Larsen & Toubro hits record high on strong Q3

** Shares of Indian industrial group Larsen & Toubro Ltd surge as much as 3.6 pct to a record of 1,468 rupees

** Co posted a 53 pct jump in Q3 profit on Wednesday

** Jefferies says third quarter results have come above expectations on better margins, maintains ‘Buy’ rating and raises TP to 1,925 rupees from 1,560 rupees

** Credit Suisse says co’s domestic business is now firing on both execution and order inflows, reducing dependence on the unreliable Middle East; raises TP to 1,700 rupees from 1,425 rupees; maintains ‘Outperform’

** The brokerage revises earnings estimates up by 3-6 pct for FY18-20 on slightly better execution and margins

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