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EquityPandit

EquityPandit
MARKETS

L&T Hits Record High on Strong Business Outlook, Shares Jump 9% in 6-Days

L&T share price hit a fresh 52-week high today near the Rs 2,320 mark.

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.

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MARKETS

Larsen and Toubro Shares Gain 1% on Securing Rs 15,000 Crore Order 

Ali Waghbakriwala

Shares of Larsen & Toubro (L&T) were trading in the green and almost 1% higher on 26 March after the company announced that they had received the largest order for its offshore hydrocarbon business, valued at over Rs 15,000 crore from QatarEnergy LNG.  

A leading global LNG company has awarded L&T Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) the contract for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4).

S N Subrahmanyan, Chairman & Managing Director- L&T, commented, “This prestigious project strengthens our global energy portfolio while supporting Qatar’s energy security objectives. I thank QatarEnergy LNG for placing their trust in L&T to deliver this complex and strategically important project.”

As per the company’s regulatory filing, the scope of the order entails the engineering, acquisition, manufacturing, installation, and commissioning of two offshore compression complexes. These complexes will be located around 80 kilometres off the northeast coast of Qatar and will include living quarters, flare platforms, interconnecting bridges, massive offshore platforms with compression and power generation facilities, and other related buildings.

At 12:59 pm, the shares of L&T were trading 0.05% higher at Rs 3,471.50 on NSE. 

Wondering About Larsen and Toubro Ltd? The Analyst Has Answers.

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MARKETS

Waaree Renewable Tech Shares Rally 5% on Solar Power Project Win 

Ali Waghbakriwala

Shares of Waaree Renewable Technologies Ltd rallied 5% on 26 March after the company announced securing a Letter of Award (LOA) for the solar power project. 

In its regulatory filing, the company said: “the company has received a Letter of Award (LOA) for the execution of engineering, procurement and construction (EPC) works for ground mount solar power project including operation and maintenance (O&M) of 170 MW AC/255 MW DC capacity on turnkey basis.”

The order, which is valued at around 232.30 crore, is anticipated to be completed in the fiscal year 2025–2026.  

On 11 March, a Waaree Renewable consortium was awarded a LOA for Rs 740.06 crore. As part of the project, the consortium will construct a plant with a total capacity of 125 megawatts of alternating current (MWAC), according to the filing. The project is anticipated to be completed within 18 months from the contract signing date.

On 13 February, Continuum Green Energy awarded Rs 40 crore for the EPC work for a 40MWh battery storage system.  

Waaree Renewable Technologies, a subsidiary of the Waaree Group, is a prominent solar EPC company headquartered in Mumbai. Beyond offering EPC services, the company engages in the development, financing, construction, ownership, and operation of solar projects, with a strong focus on commercial and industrial clients.

At 12:23 pm, the shares of Waaree Renewable Tech were trading 1.73% higher at Rs 938.05 on NSE.

Curious About Waaree Renewable Technologies Ltd? Ask the Analyst.

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MARKETS

Stocks in Focus: Larsen and Toubro, NCC, Welspun Enterprises, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.04% higher by 9.5 points at 23,765.5, indicating that the domestic benchmark indices are likely to make a lacklustre start on Wednesday.

On Tuesday, 25 March, Domestic benchmark indices S&P BSE Sensex gained by 32.8 points or 0.04% and settled at 78,017.19 while the Nifty50 traded 0.04% higher by 10.3 points, settling at 23,668.6.

Here are some stocks that are likely to remain in focus on 26 March.

NCC: The company has announced securing two new work orders worth Rs 10,804.6 crore from Bharat Sanchar Nigam for designing, supplying, installing, upgrading, operating, and maintaining the middle-mile network of BharatNet in Uttarakhand Telecom Circle and Madhya Pradesh, DNH, and DD telecom circles.

Larsen and Toubro: The company has announced that it is securing its largest-ever order worth over Rs 15,000 crore for its offshore hydrocarbon business from QatarEnergy LNG. 

Welspun Enterprises: The company’s subsidiary, Welspun Michigan Engineers, in a joint venture with Aaradhyaa & Co, has announced securing an order worth Rs 328.12 crore for the upgradation of the Haji Ali Storm Water Pumping Station in Mumbai from Brihanmumbai Municipal Corporation. 

DLF: The company has announced acquiring a 50% stake in its subsidiary DLF Urban Private Limited for a total consideration of Rs 497 crore from Reco Greens, Singapore. With this acquisition, DLF Urban Private Limited has become a wholly-owned subsidiary of the company. 

You Might Be Interested In

Waaree Renewable Tech: The company has announced securing an order worth Rs 232.3 crore for the execution of engineering, procurement, and construction (EPC) works of a ground-mounted solar power project, including operation and maintenance of a 170 MW AC/255 MW DC capacity that will be executed on a turnkey basis. 

Prism Johnson: The company has emerged as a preferred bidder by the Madhya Pradesh government for the mining lease of the Jamodi Mahanna Sector II (Part B) limestone block with an area of 264.156 hectares and the Jamodi Mahanna Sector I (Part B) limestone block with an area of 416.73 hectares.

Siemens India: The company has received approval from the National Company Law Tribunal (NCLT), Mumbai, for its Scheme of Arrangement between Siemens and Siemens Energy India. As a result, the company’s energy business will be demerged and will be established as a separate entity, Siemens Energy India. 

Jyothy Labs: The company has executed a share purchase agreement with Kallol Enterprise to divest its entire 75% stake in Jyothy Kallol Bangladesh to Kallol Enterprise for a total consideration of Bangladeshi Taka 3,01,92,134.

Ashoka Buildcon: The company has secured approval from the Competition Commission of India for acquiring a 100% stake in 11 road special purpose vehicles owned by Ashoka Buildcon by Epic Concesiones 2 and Ashoka Concessions. 

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MARKETS

Stocks Under F&O Ban: IndusInd Bank

Ali Waghbakriwala

Under the futures and options (F&O) segment, one stock was banned from trade on Wednesday, 26 March, by the National Stock Exchange (NSE). The securities banned for the F&O trade are IndusInd Bank.  

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

IndusInd Bank was retained on the list from Tuesday as the open interest as a percentage of the MWPL of its F&O contracts stood at 81.6%. 

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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MARKETS

Delhi Govt Allocates Rs 2,144 Crore for Ayushman Bharat in First Budget

Ali Waghbakriwala

The BJP-led Delhi government presented its maiden Budget on 25 March, announcing the rollout of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) in the capital. Chief Minister Rekha Gupta confirmed an allocation of Rs 2,144 crore for the scheme, fulfilling a key electoral promise.

“We had committed to implementing Ayushman Bharat in Delhi,” Gupta stated while presenting the Budget. The scheme, which provides Rs 5 lakh health insurance coverage under the central initiative, will receive an additional Rs 5 lakh top-up from the Delhi government.

With this announcement, Delhi becomes the 35th state or Union Territory to adopt AB-PMJAY, which covers 12.37 crore economically weaker families, benefiting around 55 crore individuals, or 40% of India’s population.

Delhi’s Shift in Healthcare Policy

The previous Aam Aadmi Party (AAP) government had rejected the scheme in favour of its own healthcare model. However, in October 2024, the Central government expanded AB-PMJAY to provide free treatment up to Rs 5 lakh per year for all senior citizens aged 70 and above, regardless of their socio-economic background.

Healthcare Budget Allocation

The Delhi government has set aside Rs 6,874 crore for the health sector, a decline from Rs 8,685 crore allocated by the AAP-led administration in 2024-25. The funds will be directed toward:

  • 400 Health & Wellness Centres under the ‘Ayushman Arogya Mandir’ initiative (Rs 320 crore allocation)
  • Ayushman Digital Mission for modernizing medical records and integrating healthcare data (Rs 10 crore allocation)
  • Construction of 10-13 new hospitals, with Rs 1,000 crore earmarked for the project

This move marks a significant policy shift in Delhi’s healthcare system, aligning it with the central government’s flagship health insurance program.

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