Larsen & Toubro shares were in limelight today after the infrastructure giant bagged orders worth Rs 3,039 crore. Its shares gained as much as 0.6 per cent to an intraday high of Rs. 1,346.9 on Tuesday.
Larsen & Toubro (L&T) on Monday said its construction arm has bagged orders worth Rs. 3,039 crore across various business segments, including power transmission and distribution, and heavy civil infrastructure.
Technical analyst Vishal Malkan says L&T shares look positive on charts. He suggested investors buying the stock with near-term target at Rs 1,420 and stop-loss of Rs 1,310.
In the water and effluent treatment sector, the company won orders worth Rs. 1,422 crore, L&T said in a filing to BSE.
In power transmission and distribution business, the company secured major orders worth Rs. 1,036 crore for electrification works under government's Integrated Power Development Scheme (IPDS) and Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) schemes.
In heavy civil infrastructure business, the company bagged an order worth Rs. 359 crore from Inland Waterways Authority of India (IWAI) for the engineering, procurement and construction of a new navigational lock at Farakka, West Bengal.
"The major scope includes construction of a navigational lock structure with the latest technology comprising about 250m long and 18m deep retaining walls on either side of channel, 390m long guide wall, channel base slab on tension piles, mitre gates and caisson gates with automation system," it said.
In the metallurgical and material handling segment, the company bagged an order worth Rs. 222 crore from a major customer for the supply, erection, testing and commissioning of equipment package at Paradip port.
The scope includes supply of stacker reclaimers and tandem tippler, the statement said.
As of 11.14 a.m., Larsen & Toubro shares traded flat at Rs. 1,336.60 apiece compared to 0.57 per cent gain in the broader Nifty.
(With agency inputs)
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