This multibagger civil construction company joins hands with DRDO for Submarines of Indian Navy; hits 52-week!
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).
Today, the shares of Larsen and Toubro Ltd surged 0.94 per cent to Rs 2,415.85 per share from its previous closing of Rs 2,393.30. The stock also traded at a new 52-week high of Rs 2,424 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.
These core modules form the indigenous AIP System, developed by NMRL and L&T, enabling fuel cell-based Energy Modules (EMs) to generate power and onboard hydrogen, eliminating the need for carrying it and enhancing submarine safety. India joins the elite club of nations with indigenously developed, green fuel cell-based AIP technology, boosting conventional submarine endurance with non-polluted water by-products.
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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 23 per cent in 1 year and gave multibagger returns of 165 per cent in the last 2 years. Investors must keep this stock on their watch list.