Shares of Larsen & Toubro broke the four-session losing streak on Wednesday as the company announced bagging major contracts from the Vedanta Group.
What Happened: The company’s shares were upbeat today as the company announced on Tuesday that it issued and allotted 2 lakh Non-Convertible Debentures (NCDs) worth ₹1 lakh each amounting to a total of ₹2,000 crore. The NCDs will mature in April 2028.
The stock received a further boost after the company today announced that it has secured two orders from the mining giant Vedanta Group. The Minerals & Metals (M&M) Business of Larsen & Toubro bagged the two order worth around ₹2,500-₹5,000 crore.
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The first order is from Hindustan Zinc Limited (a Vedanta Group subsidiary) for setting up a 5 LTPA Fertiliser Plant at Chanderiya, Rajasthan within the premises of the existing main plant.
The second order is for expanding the capacity of the Aluminum Smelter Complex at BALCO Korba, Chhattisgarh for Bharat Aluminium Company Limited (a Vedanta Group Subsidiary). “The major scope of work involves critical pot shell fabrication, assembly, and installation including civil, structural, and equipment installation works,” the company added in a regulatory filing.
Price Action: Larsen &Toubro shares were up 0.38% to trade at ₹2,141.15 in the early hours of trading on Wednesday.
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