Larsen & Toubro bags order worth Rs. 1,881 crore

Engineering and construction mammoth, Larsen & Toubro has won EPC order worth Rs. 1,881 crore in the state of Kuwait. This order is bagged by Power Transmission and Distribution Business of L&T Construction. The order is for constructing 22 132/11kV Substations in Kuwait, as informed by the company in its exchange filing.

Recently, the company has announced a share buyback of up to 6 crore equity shares at a maximum price of Rs. 1,500 per share for aggregate amount of Rs. 9,000 crore. This buyback is likely to result in improved ROE of L&T.

While giving guidance for the fiscal year 2019, the company’s management expects 12 to 15 per cent revenue growth and 10 to 12 per cent growth in order inflow. Besides, the management believes the infrastructure and hydrocarbon segment would drive growth, both in order inflow and execution.

The stock of Larsen & Toubro (BSE code: 500510) opened at a positive mark in Monday’s trading session at Rs. 1,231.3 apiece and later went up to touch intra-day high of Rs. 1,244. However, At 12:45 hours, the stock was trading flat to negative mark of Rs. 1,226.5 apiece.