Shares of Larsen & Toubro jumped on Tuesday after the company announced bagging a “mega” order to build advanced grid systems in the Middle East.

What Happened: The Power Transmission & Distribution (PT&D) division of Larsen & Toubro has secured new orders in the Middle East for the expansion and strengthening of electricity grids at high voltage levels, the company said in a press release.

The company did not specify the value of the contract but it categorises orders ₹10,000 crore to ₹15,000 crore as “mega” orders 

L&T has been assigned the task of establishing a 500-kilovolt high voltage direct current transmission links in Saudi Arabia, which will connect different operating regions within the country’s national electricity network. This project is aimed at enhancing power exchange between regions and boosting system resilience.

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Furthermore, the firm has also won contracts for two 380 kilovolt overhead transmission lines and a bulk supply 380 kilovolt gas insulated substation, which will significantly contribute to the interconnection of renewable generation and fortification of the grid.

In Abu Dhabi, the company has been awarded a contract to construct two major 400 kilovolt gas insulated substations, which will enhance the power transfer capacity of the electricity grid.

In August, the company secured a “large” infrastructure project under the Navi Mumbai Airport Influence Notified Area (NAINA) Project in Maharashtra. It was awarded a major project by the City and Industrial Development Corporation Limited (CIDCO), which involved the construction of wide roads, various major and minor structures, and allied electrical works.

Price Action: Larsen & Toubro’s shares jumped 1% to ₹3,825.10 after the statement was released on Tuesday.

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