Why Larsen & Toubro Shares Are Upbeat Today

Larsen and Toubro’s share price continued making gains for the second straight session on Monday as the stock jumped up over 1% in early trade.

What Happened: The company on Monday announced winning large orders worth between ₹2,500-₹5,000 crore for its Power Transmission & Distribution (PT&D) Business. The infrastructure giant has secured two orders in Saudi Arabia to establish 380kV overhead power transmission lines connecting prominent cities situated on the Red Sea coast. It also received another order in Saudi Arabia to design, supply, and construct a 380kV substation in the central region of the country.

See Also: When Will Tata Power Share Price Go Up?

Back home, the company received fresh orders from a ‘prominent’ Gujarat DISCOM under the Revamped
Reforms Based and Results-Linked Distribution Sector (RDSS) Scheme projects.

The announcement comes just days after the company informed bagging ‘significant’ orders worth between ₹1,000-₹2,500 crore for its Buildings & Factories (B&F) Business on May 17. The company won an order from a ‘reputed developer’ to construct residential towers in Thane, Mumbai. Another order is for constructing commercial office space in Bengaluru.

Price Action: L&T shares were up 1.03% to trade at ₹2,212.50 in the afternoon hours of trading on Monday.

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