Larsen & Toubro up 3% on securing large orders; jumps 49% so far in 2023

L&T's power biz arm on Wednesday bagged orders worth up to Rs 2,500 cr from the WBPDC, while on Tuesday, the transportation infrastructure biz arm received a project worth up to Rs 5,000 cr

Shares of Larsen & Toubro rose 3 per cent on Tuesday to hit a fresh high of Rs 3,114 on the BSE after the buildings & factory business of the company secured various orders in the large category under its various business units.

L&T did not disclose the amount of the orders, which fall under "large" category and range between Rs 2,500 crore and Rs 5,000 crore.

Meanwhile, thus far in the calendar year, the stock price of L&T has appreciated by 49 per cent as compared to a 7.4 per cent rise in the S&P BSE Sensex.

In an exchange filing, L&T said the business secured an order to construct a residential township in Bengaluru involving the construction of 3,627 apartments spread across 19 towers. The total built up area will be approximately 9.7 million sq.ft.

The business also secured orders from a reputed developer to construct commercial towers in Hyderabad. The scope of work includes construction of 2 buildings with a combined built-up area of 4.2 million square feet.

In addition, the business has bagged an order from the Indian Institute of Technology, Kanpur to construct a Super Specialty Hospital & Academic Block as part of the Gangwal School of Medical Sciences and Technology.

L&T on Wednesday said its power business arm has bagged an order worth up to Rs 2,500 crore from the West Bengal Power Development Corporation Limited (WBPDC).

The Engineering, Procurement and Construction (EPC) order pertains to setting up of wet Flue Gas Desulphurization (FGD) systems for its thermal power plant at Sagardighi in the state of West Bengal.

On Tuesday, the transportation infrastructure business vertical of L&T Construction has received the prestigious Dahisar Bhayander Bridge project in Mumbai. The contract, worth up to Rs 5,000 crore, is awarded by the Municipal Corporation of Greater Mumbai (MCGM).

As of June, L&T had an outstanding order book of Rs 4.12 trillion, of which orders worth Rs 1 trillion, or about 25 per cent, have originated from West Asia.

Beyond the Rs 1 trillion orders reported from West Asia up to June 2023, L&T is purportedly slated to handle a $3.9 billion package for Saudi Aramco’s expansion at the Jafurah unconventional gas production project in Saudi Arabia. However, this order win remains undisclosed by L&T.