Larsen & Toubro Ltd.'s share price declined on Thursday's session after news reports said that the Ministry of Defence rejected its bid for a tender to acquire six submarines due to non-compliance.
The company's proposal, in partnership with Spanish company Navantia, has been rejected because it was non-compliant with Indian Navy requirements, ANI reported citing defence sources. The company showcased functioning of critical air independent propulsion system in Spain to the Indian Navy team, who later demanded a sea-proven system in its requirements in tender document.
Now, Mazagon Dock Shipbuilders Ltd., along with its partner ThyssenKrupp Marine Systems of Germany, would be the only vendor left in the race to win the tender. The Indian Navy wants to buy six advance submarines with the ability to stay underwater for three weeks under project 75 India, ANI reported.
Larsen & Toubro Share Price
Larsen & Toubro's share price declined 1.64% to Rs 3,460.60 apiece. The share price declined 0.57% down at Rs 3,497.50 apiece as of 11:00 a.m., as compared to a 0.24% advance in the NSE Nifty 50.
The stock declined 1.83% in 12 months. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 39.60.
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 analysts' consensus price target implies an upside of 17.9%.
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