L&T Wins Order From Hindalco For Refinery In Odisha

Larsen and Turbo Ltd. has won an order from Hindalco Industries Ltd. to set up an 850 kilo ton per annum greenfield alumina refinery in Odisha.

The order, won by the company's minerals and metals or M&M business vertical, is worth between Rs 2,500 to Rs 5,000 crore, according to an exchange filing.

L&T has been associated with Hindalco for over three decades, playing a key role as an engineering, procurement and construction contractor in their expansion programmes across alumina, aluminum and copper plants. The M&M business earlier secured an order for setting up an 8 million ton per annum pellet plant from a leading steel producer in India.

“M&M has successfully commissioned several steel plants and alumina refinery projects, both greenfield and brownfield, across India and the Middle East. These new orders reaffirm L&T’s leadership in EPC steel plants and alumina refinery projects and are a testament to its commitment to excellence and customer satisfaction,” said DK Sen, executive committee member and advisor to the CMD, Larsen & Toubro.

L&T’s M&M business offers end-to-end solutions in the EPC domain across sectors, such as mining, minerals processing, industrial products and material handling. The company provides cost-effective end-to-end solutions for industries such as mining, cement, steel, fertilisers and ports.

L&T stock rose 0.29% during the day to Rs 3,285.4 apiece on the NSE. It was trading flat at Rs 3,274.7 apiece, compared to a 0.15% decline in the benchmark Nifty 50 as of 12:49 a.m.

The scrip has fallen 2.34% in the last 12 months. The relative strength index was at 41.4.

Thirty-one of the 35 analysts tracking the company have a 'buy' rating on the stock, two recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 4,116.1, implying an upside of 25.7%.