Rs 4,13,000 crore order book: Heavy buying witnessed in this multibagger civil construction stock; scrip hit 52-week high!
The stock is up by 70 per cent in 1 year and gave multibagger returns of over 240 per cent in the last 3 years
On Thursday, the shares of Larsen and Toubro Ltd surged 89 points or 3 per cent to make a new 52-week high of Rs 3,050.70 per share from its previous closing of Rs 2,961.70. The shares of the company saw a spurt in volume by more than 1.60 times on BSE.
On September 13, 2023, the company announced a buyback of up to 3,12,50,000 fully paid-up equity shares of Larsen & Toubro Limited of the face value of Rs 2 each at a price of Rs 3,200 per equity share (Buyback).
Additionally, BAE Systems Inc. and Larsen & Toubro Limited (L&T) have partnered to bring the world-leading Articulated All-Terrain Vehicle (AATV), the BvS10, to the Indian market. The two companies have signed an agreement to offer the BvS10 for an Indian Armed Forces programme.
Under the agreement, L&T is the prime bidder for the Indian market, with the support of BAE Systems Hagglunds, the Swedish manufacturer of the highly successful BvS10 family of vehicles. BAE Systems and L&T have upgraded the BvS10 to meet the specific requirements of the Indian Armed Forces. This new variant will be known as the “BvS10-Sindhu”. The AATV programme aims to deliver vehicles from L&T’s Armored Systems Complex, Hazira along with integrated logistic support (ILS).
Larsen & Toubro Ltd. is a multinational conglomerate that is primarily engaged in providing EPC solutions in key sectors. The company announced its Quarterly Results ended June 30, 2023 wherein the net sales increased by 33.55 per cent to Rs 47,882 crore and net profit increased by 39 per cent to Rs 3,096 crore in Q1FY24 over Q1FY23. As of June 30, 2023, the company order book stands at Rs 4,13,000 crore.
According to the annual results, the net sales increased by 17.1 per cent to Rs 1,83,341 crore and the net profit increased by 20.3 per cent to Rs 12,531 crore in FY23 compared to FY22.
The company has been maintaining a healthy dividend payout of 37.20 per cent. The stock is up by 70 per cent in 1 year and gave multibagger returns of over 240 per cent in the last 3 years. Investors must keep this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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