Larsen & Toubro (L&T), the global conglomerate, witnessed a remarkable surge in its stock price on Thursday. This surge comes on the heels of L&T’s Buildings & Factories division securing substantial orders valued between Rs 2,500 crore to Rs 5,000 crore. These orders pertain to projects situated in Bengaluru, Hyderabad, and the prestigious Indian Institute of Technology in Kanpur.
New Orders Fuel Optimism
The infusion of fresh orders has undoubtedly bolstered investor confidence in L&T. The esteemed investment bank, CLSA, has reaffirmed its positive stance on L&T’s stock, maintaining a ‘buy’ rating. CLSA has set an ambitious target price of Rs 3,600 per share and foresees the company achieving half of its fiscal year 2024 (FY24) guidance inflow during the first half of the year.
Read More: U.S. Airline Stocks Grapple with Rising Fuel Costs
Larsen & Toubro Powering Ahead
In another promising development, L&T’s power division secured a significant Engineering, Procurement, and Construction (EPC) contract from the West Bengal Power Development Corporation Limited. This substantial order, valued at up to Rs 2,500 crore, is designated for the installation of Flue Gas Desulphurisation systems at the Sagardighi Thermal Power Plant.
Investors and industry experts are closely monitoring L&T’s upward trajectory, fueled by these strategic orders and CLSA’s bullish outlook. The company’s ability to secure prominent projects and the trust of leading financial institutions positions it for continued success in the dynamic business landscape.
Disclaimer: Please note that this article serves solely for informational purposes. Thus, must not construe as financial advice. We advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
