The shares of Larsen & Toubro rose to 3 percent to Rs. 1415.00 in intra-day trade on Friday. It is after when the company proposed to acquire IT firm Mindtree. The BSE-Sensex index which closed at 38,386.75 is now opened on a positive note at 38,452.47. However, it couldn’t sustain its opening level and lost most of its early gains in the afternoon session.
The stock of L&T is just 3 percent away from its 52-week high price of Rs. 1459.00 that hit on Dec. 21, 2018. In the same year on Feb. 01, 2018, it touched its all-time high of Rs. 1470.00.
The L&T has signed a binding agreement to acquire 20.32 percent of Mindtree shares at a price of Rs. 980 per share from a long-time investor.
Apart from L&T, many stocks hit their fresh 52-week highs on BSE in today’s trading session such as Bajaj Holdings, HDFC Bank, Titan, UPL, and RBL Bank among others.