L&T Share Price Rises On Bagging Orders Worth Over Rs 15,000 Crore From Adani Power

Larsen & Toubro Ltd. share price advanced in Monday's session after the company received an order worth over Rs 15,000 crore from Adani Power Ltd. The order is to build thermal power units, which will be done by its unit L&T Energy CarbonLite Solutions. Orders worth over Rs 15,000 crore are categorised as ultra-mega orders.

As part of the order, L&T Energy CarbonLite Solutions will build eight state-of-the-art thermal power units, each with a capacity of 800 megawatt, totalling a 6,400 megawatt new generation capacity, the infrastructure company said in an exchange filing.

The work in the project includes design, engineering, manufacturing, supply, and commissioning and Boiler-Turbine-Generator packages, along with auxiliaries associated in mechanical, electrical and control and instrumentation systems.

Larsen & Toubro Ltd. share price rose 1.65% to Rs 3,666 apiece, the highest level since Aug 6. It was trading 1.09% higher at Rs 3,647 as of 1:27 p.m., compared to 0.51% advance in the NSE Nifty 50 index.

The stock advanced 2.13% in 12 months, and 1.12% on year-to-date basis. Total traded volume on National Stock Exchange so far in the day stood at 0.47 times its 30-day average. The relative strength index was at 57.67.

Out of analysts tracking the company, 28 maintain a 'buy' rating, four recommend a 'hold' and one suggests to 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 11%.