L&T Shares Hit Life-High As Unit Bags Multiple Orders
The stock rose as much as 1.66% during the day on the NSE.
Larsen & Toubro Ltd.'s wholly owned subsidiary, L&T GeoStructure, won multiple orders in the range of Rs 1,000–2,500 crore.
L&T GeoStructure secured an order from the Paradip Port Authority to build a south breakwater extension, groynes and breakwater toe protection wall at Paradip Port, the parent company said in an exchange filing.
It also won an order from Hindustan Shipyard Ltd. to augment slipway-4 in Visakhapatnam. The order includes upgrading the slipway, constructing the crane track and allied services, such as gas utilities and firefighting systems. The company will also supply and erect a 300-tonne Goliath crane, according to an exchange filing.
The L&T unit also bagged an order from a real-estate developer to build substructure works in Chennai. It did not reveal the name of the realtor.
Shares of Larsen & Toubro rose as much as 1.66% during the day to the highest since listing, before paring some gains to trade 1.64% higher at 11:29 a.m. This compares to a 1.12% advance in the NSE Nifty 50.
The stock has risen 76.53% in the last 12 months. The total traded volume so far in the day stood at 0.62 times its 30-day average. The relative strength index was at 66.31.
Of the 35 analysts tracking the company, 30 have a 'buy' rating on the stock, three recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.7%.