L&T Infotech's Rs 1,243 cr IPO oversubscribed 11.67 times

Being among the top 20 IT services providers in the world L&T Infotech has a strong growth potential given its diverse presence across business verticals, established long term relationships with its clients and strong parentage. At the IPO price band of Rs705-710 the stock is being offered at a PE multiple of 12.9x-13.1x FY16 EPS.

 

After opening flat NIFTY yesterday remained bullish all day with comparatively broader range and better volumes. Nifty has resistance of Fibonacci 78.6% at around 8680. Being last day of the week the index may see some correction. But overall it is bullish till resistance. So we advise you to buy it around 8550 for the targets of 8620 and 8680 with strict stop loss of 8450