Larsen & Toubro (L&T) saw its shares jump by 2% on Thursday, reaching a high of ₹3,623.25 on the Bombay Stock Exchange. This came after the announcement of snagging a significant pipeline project in the Middle East. Labelled as a ‘major’ win, these projects are in the big league, valued between ₹5,000 crore to ₹10,000 crore.
What Happened: L&T will handle the engineering, procurement, and construction duties for two new pipelines, equipped with modern facilities, running parallel to an existing corridor.
Just a day before, L&T revealed its Buildings & Factories division had also won a considerable project with AIIMS, Madurai, for comprehensive development works. Earlier in the month, another ‘significant’ victory came from ONGC for a project off India’s West Coast.
See also: This Bank Stock Has Slumped 24% In 6 Months, But Analysts See A 51% Rally Ahead
L&T’s recent performance at the bourses has been stellar, outshining market trends with a nearly 10% jump in the past month, and a remarkable 23% increase over six months.
Analysts, especially from BNP Paribas India, see a bright future for L&T, benefiting from India’s infrastructural push. They predict an influx of orders worth over ₹2.7 trillion by 2026, thanks to governmental investments across various sectors. L&T’s strategic exits from certain assets are expected to further bolster its financial health, aiming for a significant return on equity improvement by 2026.
Price Action: Larsen and Toubro Ltd. shares were trading 2.08% higher at ₹3,612.30 on Thursday afternoon.
Read next: What's Going On With IIFL Finance Share Price Today
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.