Tuesday, 02 January 2024 12:17 GMT

L&T Finance Gains On Retail Loan Momentum In Q2 SEBI Analyst Flags ₹320 Target


(MENAFN- AsiaNet News)

Shares of L & T Finance rose on Thursday after the company posted a 5.6% year-on-year rise in consolidated net profit to ₹727.71 crore for the September quarter. 

Revenue increased 7.9% to ₹4,332.74 crore, while EBITDA rose 9.2% to ₹2,662.38 crore. Earnings per share stood at ₹2.91, up from ₹2.77 a year earlier. 

SEBI-registered analyst Prabhat Mittal said the lender's focus on retail loans helped maintain growth momentum despite broader market challenges.

L & T Finance: What are technical charts suggesting?

Mittal said the stock has stayed strong after breaking out of an inverse head and shoulder pattern earlier this year. Since that move, it has been forming higher highs and higher lows. 

He added that it continues to trade above its 20-, 50-, and 100-day moving averages, and the moving average convergence divergence (MACD) indicator is still giving a buy signal.

The analyst said traders can look to buy the stock around ₹268 with a stop loss below ₹252, aiming for upside targets of ₹300 and ₹320.

What is the retail mood on Stocktwits?

On Stocktwits, retail sentiment was 'bullish' amid 'extremely high' message volume.

L & T Finance's stock has risen 97% so far in 2025.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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