L&T hits record high on hopes of strong order inflows
Published On: Tuesday, January 17, 2023 | By: Team KnowMyStock
Shares of Larsen & Toubro (L&T) soared 4 percent to hit a new high of Rs 2,214 in Tuesday’s intra-day trade, on the expectation of strong order inflows and improved execution.L&T Construction's buildings & factories (B&F) fast business has received a significant repeat order from a reputable and prestigious commercial developer, one of India's largest mixed-use developers and operators. The order is ‘significant’, classified by the company as those in the range of ₹1,000-2,500 crore. The mandate is to build two commercial office towers in Hyderabad with approximate built-up areas of 28.91 lakh square feet and 28.53 lakh square feet, respectively. The engineering and construction major will be responsible for the civil work on the towers, one of which will have 22 floors and the other 41 floors. The construction is scheduled to be completed in 18 months, it said.
"In H1FY23, L&T announced order inflows of around Rs 93,719 crore. The management is confident of achieving full year guidance of around Rs 2.22 trillion i.e. 15 per cent growth for FY23E. Also, it retained its 12-15 per cent revenue growth guidance for FY23E," they said.
On Friday, L&T announced that it has signed an agreement with the Norway-based H2Carrier to develop floating green ammonia projects for industrial-scale applications. The Indian multinational conglomerate said that the “timely” partnership between them will help fast-track the decarbonisation goals.
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