Larsen & Toubro has won multiple large orders for setting up substations and transmission lines, the company said in a press release on Monday.
What Happened: The Power Transmission & Distribution (PT&D) business of L&T has won orders to build grid elements in India and abroad.
In India, PT&D has been tasked with executing two 765-kilovolt double-circuit transmission lines from the Jaisalmer-Barmer Renewable Energy Zone in Rajasthan to substations in Madhya Pradesh.
It has also received an order from Saudi Arabia to build a 380-kilovolt substation and 380-kilovolt overhead line segments.
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On the other hand, the United Arab Emirates has awarded PT&D an order to construct a 220-kilovolt substation and three 132-kilovolt substations.
"Adding these substations to the network will help the utilities keep pace with the increasing electricity demand in Dubai and Abu Dhabi," the company added in the press release. L&T did not mention the monetary value of the orders received.
Price Action: Shares of L&T were up 2.63% at ₹3,776.75 in morning trade on Monday. Earlier this month, brokerages gave the company a bullish call after the infrastructure giant’s net profit for the June quarter jumped 12%.
Most brokerages maintained a "buy" rating on the stock after it delivered results in line with analyst estimates.
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