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The company said that it will now attempt to sell itself under the supervision of a court.
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L&T shares rose 3% to Rs 3,515.9 after the companys board approved a Rs 12,000 crore fundraising plan and appointed Subramanian Sarma as Deputy Managing Director. Additionally, L&T secured an order worth Rs 2,500-5,000 crore for projects in Hyderabad and Chennai. Trendlynes target price for the stock is Rs 4,092, indicating a 17% upside from current levels.
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Jindal Stainless shares fell 4.3% after Nuvama cut its target price, citing weak exports and high imports impacting profitability. The company delayed its Jajpur expansion, while analysts remain optimistic despite a 28% correction. Near-term challenges persist, but long-term growth prospects remain intact.
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