Rs 4.76 trillion order book and DIIs increase stake: This multibagger construction company bags new order of about Rs 15,000 crore for a solar project!
Shares of the company have gained more than 40 per cent in the last one year.
Larsen & Toubro (L&T) has secured significant new contracts in the Middle East, further strengthening its renewable energy portfolio. The company's renewable arm has finalized agreements to build two massive solar photovoltaic (PV) plants with a combined capacity of 3.5 Gigawatt (GW). These projects will also include grid connections with substations and transmission lines.
This win comes on the heels of L&T's recent solar-storage plant order in India. With these new additions, L&T's renewable energy portfolio is set to reach a cumulative capacity of 22 GWp (Gigawatt peak). This impressive figure encompasses both commissioned and under-construction solar and wind generation projects. This order is expected to be worth Rs 10,000 crore to Rs 15,000 crore.
Recently, Larsen & Toubro has secured a significant offshore order from Oil & Natural Gas Corporation (ONGC) for the eighth phase of their Pipeline Replacement Project (PRPVIII Group B) on India's west coast. This EPCIC contract, awarded to L&T's Energy Hydrocarbon (LTEH) vertical, involves the engineering, procurement, construction, installation, and commissioning of 129 kilometres of subsea pipelines and related modifications across ONGC's western offshore fields. This order is expected to be worth Rs 1,000 crore to Rs 2,500 crore.
Larsen & Toubro is a major technology, engineering, construction, manufacturing, and financial services conglomerate, with global operations. The company has an order book of Rs 4.76 trillion. The stock has also delivered multibagger returns of about 140 per cent in the last three years. DIIs have also increased their stake in the company in March 2024.
The stock has shown impressive growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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