Shares of Larsen and Toubro (L&T) hit their all-time high of Rs 2,726 on Wednesday as the company secured a large order in the Middle East and a significant order in Australia. 

At 2:30 pm, L&T shares were trading at Rs 2,718.95, up 1.5% from its previous closing price on the National Stock Exchange (NSE). During the early opening hours, the stock surged more than 1.7% to reach a record high of Rs 2,726, taking its market capitalisation to Rs 3.81 lakh crore. 

L&T announced in an exchange filing on August 23 that its Power Transmission and Distribution business has secured several orders worth a total consideration of Rs 2,500-5,000 crore in the Middle East. 

In the United Arab Emirates, a well-established service provider to the energy industry has given the order to set up a 220 kV Gas Insulated Substation and associated Transmission Lines. Additional orders have been received for the ongoing jobs in Qatar and Saudi Arabia.

Further, L&T received orders to build two new 132kV substations and a 220kV overhead transmission line in Dubai. It has also bagged an order for turnkey construction of 4 new 132kV Substations in Kuwait’s Al Sabah Medical District, including associated Control, Protection, Automation and Communication systems and related Civil & Mechanical works.

On Monday, the Energy Hydrocarbon business of the company also bagged a substantial contract from the Saipem & Clough JV (SCJV) with an order value of around Rs 1,000-2,500 crore. The order is for the fabrication and supply of process and pipe rack modules for a urea plant to be constructed on the Burrup Peninsula for Perdaman Chemicals and Fertilisers. 

The facility, once completed, will be the largest urea plant in Australia and one of the largest in the world, with a capacity of 2.3 million tonnes per annum (MMTPA). L&T will fabricate about 50,000 MT of modules at L&T’s Kattupalli Modular Fabrication Facility and deliver them in 32 months.