Shares of Larsen & Toubro Reach Record High

Larsen & Toubro's shares reached an all-time high on Wednesday, showcasing a 30 percent year-to-date increase. The company reported significant achievements in its construction unit's power transmission and distribution (PT&D) business in the Middle East, labeling the newly secured orders as "large."

The engineering and construction conglomerate clarified that orders falling within the range of Rs 2,500 crore to Rs 5,000 crore are deemed "large." In a filing to stock exchanges, Larsen & Toubro announced that its PT&D business had been awarded a substantial order in the United Arab Emirates. This particular contract involves the establishment of a 220kV Gas Insulated Substation and associated Transmission Lines for a prominent service provider in the energy industry. Furthermore, the company disclosed additional orders from a public services infrastructure company in Dubai, involving the creation of two new 132KV substations. Another order in the region pertains to the construction of a 220KV overhead transmission line. In Kuwait, L&T's power transmission and distribution business secured an order for the turnkey construction of four new 132KV substations in the Al Sabah Medical District. The scope of work encompasses Control, Protection, Automation, Communication systems, and associated Civil & Mechanical works.

In addition to these accomplishments, Larsen & Toubro reported acquiring supplementary orders for ongoing projects in Qatar and Saudi Arabia. Notably, on Monday, the company had announced an order from Saipem & Clough JV (SCJV), Australia, for the fabrication and supply of process and pipe rack modules. This order is intended for a 2.3 MMTPA urea plant for Perdaman Chemicals and Fertilisers Pty Ltd within the L&T Energy Hydrocarbon division. As a result of these positive developments, Larsen & Toubro's shares are currently trading 1.2 percent higher at Rs 2,710.30.