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Shares of Larsen & Toubro Ltd were trading higher for the third straight day, up nearly 3 per cent at Rs 1,458 on the BSE in intra-day trade on Monday. The stock of the engineering and construction giant has gained 5 per cent in the past one week as compared to a 2 per cent gain in the S&P BSE Sensex. It was quoting at its highest level since March 18, 2021.
From October 2020 to February 2021, the stock witnessed an impulsive upmove towards Rs 1,600. It had hit a 52-week high of Rs 1,593 on February 2, 2021. Since then, it has remained largely range-bound amid time and price-based correction. In the past three months, L&T has underperformed the market by falling 5 per cent, as compared to a marginal 0.18 per cent decline in the benchmark index.
L&T’s order pipeline prospects stand at Rs 9.6 trillion, 13 per cent higher compared to the beginning of the last year. The international and domestic market forms 26 per cent and 74 per cent, respectively of its prospects. The Infrastructure, Hydrocarbon sector forms 77 per cent and 16 per cent, respectively of overall prospects. Stable oil prices auger well for prospects in the Hydrocarbon segment as well as improves overall prospects in the Middle East.
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