L&T Bags Mega Order In West Asia

Larsen & Toubro”s (L&T) power and distribution vertical has secured an order ranging between Rs 2,500 crore and Rs 5,000 crore from theWest Asia. The order includes engineering, supply, construction, installation, testing, and commissioning of a substation in the United Arab Emirates, the setting up of overhead transmission lines in Kuwait, and additional works on an ongoing substation in the region.

The transmission segment helping to evacuate and generate power has a length of more than 100 km. Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC projects, hi-tech manufacturing, and services.

On the back of the order, the company stock hit a 52-week high of Rs 3,560, surpassing an earlier peak of Rs 3,549 registered the previous day. However, at the close, stock was down by 0.11%.

The analysts are very bullish on the stocks, with 24 of them providing “buy calls” with a one-year target of Rs. 3387. Currently stock is trading at Rs. 3540.25.