Shares of Larsen & Toubro Ltd. (L&T) fell by 3.5% after reaching a day’s high of Rs 3,435 on 25th October, despite the company’s announcement of winning a ‘significant’ order from France-based ITER organisation to deploy advanced welding technology for the Global Nuclear Fusion Project.

The company announced it will use advanced technology to assemble complex parts of the Vacuum Vessel for the world’s largest nuclear fusion project at Cadarache, Southern France. They define orders worth Rs 1,000 crore to Rs 2,500 crore as ‘significant.’

L&T signed an MoU with the ITER organisation for technical collaboration to develop advanced technology for assembling fusion-related systems within the ITER Tokamak’s vacuum vessel to control plasma operations. Most work will take place at the Tokamak pit at ITER’s site.

Anil Parab, whole-time director and senior executive vice-president of heavy engineering and L&T valves, stated that the technical collaboration will showcase L&T’s high-tech manufacturing capabilities in global markets.

L&T also highlighted that during the COVID-19 pandemic in 2020, it successfully fabricated and delivered the world’s largest stainless steel high vacuum pressure vessel (Crystostat) for the ITER project ahead of schedule.

ITER’s Director General, Pietro Barabaschi, stated that L&T has shown its reliability in high-tech manufacturing through previous contributions to ITER, which is crucial for addressing the project’s technological challenges.

He noted that India has been a strong partner and contributor to ITER and expressed optimism for continued collaboration.

At 11:57 AM, the shares of L&T were trading 3.36% lower at Rs 3,327 on NSE.

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