L&T Stock Gains After Construction Arm Bags Multiple Orders

Skyscrapers under construction sit on the L&T construction zone. (Photo: Sanjit Das/Bloomberg)  

L&T Stock Gains After Construction Arm Bags Multiple Orders

Shares of Larsen & Toubro Ltd. gained after its construction arm was awarded “significant contracts”, worth Rs 1,000-2,500 crore, for its various businesses.

L&T Construction has won a slew of orders in India and abroad, the nation’s largest E&C company said in an exchange filing.

Building & Factories

  • This business has secured an order to construct multilevel parking and advocates chamber for the High Court at Allahabad.

  • The project consists of 2,294 advocate chambers, more than 2,300 car parking space in a multilevel car parking and over 1,500 two-wheeler parking spaces with associated utility buildings.

  • The scope of work involves design, engineering, procurement and construction.

Power Transmission & Distribution

  • It has bagged an order for the turnkey construction of a substation in Saudi Arabia.

  • The scope of the gas insulated substation project involving four different voltage levels up to 380kV comprises the associated control, protection, automation, telecommunication systems, and civil and electromechanical works.

Smart World & Communication

  • This business won another smart city project.

  • The project has been awarded by the Moradabad Smart City Ltd. to design, develop, implement, and manage the operations and maintenance of a command-and-control centre, CCTV surveillance, and smart traffic solutions.

L&T, which operates in more than 50 countries, specialises in EPC projects, hi-tech manufacturing and services.

The stock rose nearly 3% in the afternoon trade on Monday to Rs 1,684.95 apiece. Of the 43 analysts tracking the company, 41 have a ‘buy’, and one each recommends a ‘hold’ and a ‘sell’, according to Bloomberg data. The overall 12-month consensus price target implies an upside of 10.7%.

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