Rs 4 lakh crore order book: Heavy buying witnessed in this multibagger civil construction stock; hits back-to-back 52-week highs!
The stock is up by 25 per cent in 1 year and gave multibagger returns of over 150 per cent in the last 3 years.
On Friday, the shares of Larsen and Toubro Ltd surged 0.56 per cent to make a new 52-week high of Rs 2,429.30 per share from its previous closing of Rs 2,415.85. At the closing bell, shares of the company ended the day in red, down 1.15 per cent to Rs 2,388.10 per share.
The sudden rise in the stock price was due to the company announcing that Larsen & Toubro and DRDO signed a contract for the realisation of two Air Independent Propulsion (AIP) System Modules for Kalvari Class of Submarines of the Indian Navy.
Also, L&T expanded its hi-tech manufacturing capability, inaugurating a new state-of-the-art, advanced Heavy Wall Pressure Vessel facility in Saudi Arabia that mimics L&T’s bespoke capabilities in India, as a part of the IKTVA initiative of Aramco and Saudi Vision 2030, to enhance local content.
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Larsen & Toubro Ltd is a leading Indian multinational company mainly engaged in EPC projects, Hi-Tech manufacturing and services. The company reported amazing results in both Quarterly Results and annual results. In FY23, net sales increased by 17.14 per cent to Rs 1,83,340.70 crore and net profit increased by 22.70 per cent to Rs 12,624.87 crore compared to FY22.
The company recorded the highest order book of Rs 4 lakh crore and order inflows for FY23 were over 2 lakh crore (19 per cent YoY growth).
The stock is up by 25 per cent in 1 year and gave multibagger returns of over 150 per cent in the last 3 years. Investors must keep this stock on their watch list.