Shares of Larsen & Toubro rose 2% to hit a record high of Rs 2,319.65 a share in intraday trade on Monday. Shares of the capital goods company rose for a sixth straight day, gaining 9% during the period, on the back of a strong business outlook. It surpassed the previous high of Rs 2,297.30 on January 20, 2023.

On Monday, L&T announced that its hydrocarbon business (L&T Energy Hydrocarbon – LTEH) had secured a major order under its AdVENT (Advanced Value Engineering and Technology) vertical.

The week before, the company also announced a huge order for its hydrocarbon business. Although the management did not provide the exact value of the contracts, it noted that based on its classification, a mega project is over Rs 7,000 crore, while a major project is between Rs 1,000 crore and Rs 2,500 crore.

Backed by its leadership and diversified offerings in the EPC (engineering, procurement and contracting) space, analysts see the company as a key beneficiary of the government’s push to revive infrastructure and private sector capital spending.

Additionally, rising infrastructure and hydrocarbon investments in the Gulf Cooperation Council (GCC) region will also offer opportunities for diversification.