Shares of Larsen & Toubro (L&T) surged 4% to hit a new high of Rs 2,214 in intraday trade on Tuesday on expectations of solid order inflow and improved execution. Shares of the engineering and construction company surpassed its previous high of Rs 2,210.50, touched on December 16, 2022. In contrast, the S&P BSE Sensex rose 0.65% to 60,482 at 12:28 pm.
On Monday, L&T said its construction arm had secured a significant order (ranging from Rs 1,000 crore to Rs 2,500 crore) for constructing commercial space in Hyderabad from a reputed commercial developer.
The mandate is to construct two towers of approximately 2.891 million sq. ft. and 2.853 million sq. ft. of commercial office space in Hyderabad. The project scope included civil works for the composite structure, including MEP, finishes and fading to construct the towers in 6B+G+22 storey and 6B+G+41 storey configurations. The project is scheduled to be completed within 18 months.
On Friday, L&T announced it had signed an agreement with Norway-based H2Carrier to develop a floating green ammonia project for industrial-scale applications. The Indian multinational conglomerate said their “timely” partnership would help quickly achieve decarbonization goals.
Meanwhile, L&T’s corporate board of directors is scheduled to meet on January 30, 2023, to consider and approve the company’s unaudited financial results for the quarter and nine-month period ending December 31, 2022.
