L&T Share Price Rises Over 3% As Company Secures Major Project

Larsen & Toubro share price surged on Tuesday after the company secured a project from a client in the Middle East & North Africa (MENA) region, valued between Rs 5,000 crore and Rs 10,000 crore.

The project involves setting up a Pellet Plant and a Direct Reduction of Iron (DRI) Plant for a leading steel producer in the region. 

The Minerals & Metals business vertical of L&T will be responsible for the design, engineering, supply, erection, and construction of the plants. These facilities are part of a broader initiative aimed at decarbonisation and will utilise globally acclaimed technologies to ensure high standards of quality and efficiency, the company said in an exchange filing.

D K Sen, Executive Committee Member and Advisor to the CMD at L&T, stated, "This project reaffirms our leadership position in executing complex iron and steel plant projects in the MENA region. It demonstrates our unwavering commitment to delivering projects that meet international standards in quality, safety, and timely completion."

L&T's M&M vertical offers comprehensive solutions in the EPC (Engineering, Procurement, and Construction) domain across various sectors, including mining, minerals processing, industrial products, and metallurgical plants. The vertical is known for providing cost-effective, end-to-end solutions for industries such as mining, cement, construction, steel, fertilisers, and ports, the company said.

The scrip rose as much as 3.49% to Rs 3,403.95 apiece. It, however, later pared gains to trade 3.28% higher at Rs 3,396.5095 apiece, as of 11:28 a.m.

 It has fallen 2.57% in the last 12 months. Total traded volume so far in the day stood at 0.64 times its 30-day average. The relative strength index was at 49.96.

Out of 35 analysts tracking the company, 31 maintain a 'buy' rating, two recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 22.3%