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L&T shares rise after bagging ₹1,000-₹2,500 crore order from JSW Energy
Shares of Indian construction major Larsen & Toubro rose 1.5 per cent after the company secured an order worth ₹1,000 - ₹2,500 crore from JSW Energy.
L&T's stock rose as much as 1.44 per cent during the day to ₹3,708.9 per share, the biggest intraday gain since May 26 this year. The stock pared gains to trade 0.7 per cent higher at ₹3,682 apiece, compared to a 0.42 per cent advance in Nifty 50 as of 12:00 PM.
Shares of the company have risen for the third straight day and have advanced nearly 5 per cent from their recent lows of ₹3,551, which it hit last month. The counter has risen 2.2 per cent this year, compared to a 6.25 per cent advance in the benchmark Nifty 50. L&T has a total market capitalisation of ₹5.06 trillion, according to BSE data. Track LIVE Stock Market Updates Here
L&T bags up to ₹2,500 crore
The company's Heavy Civil Infrastructure (HCI) business vertical has secured an order from JSW Energy to execute the Bhavali Pumped Storage Project (PSP) in Maharashtra. The order, classified as 'significant' by L&T, is valued between ₹1,000 crore and ₹2,500 crore.
The Bhavali PSP will be located across the Nashik and Thane districts and will have a total installed capacity of 1,500 MW. It is designed to house multiple smaller generating units to support large-scale grid stabilisation. L&T's contract includes the complete execution of civil works, including the construction of approach roads, upper and lower reservoirs, a water conductor system, pressure tunnels, and an underground powerhouse.
Earlier this month, Larsen & Toubro bagged an order worth ₹1,000-2,500 crore from the Rajasthan government to build and install pipelines along with reservoirs in some towns and villages in the state.
L&T Q4 results
The company posted a 25 per cent rise in consolidated net profit, reaching ₹5,497 crore for the March quarter of the financial year 2024-25 (FY25) compared to the same period last year. Revenue grew by 11 per cent to ₹74,392 crore, while Ebitda rose 13.4 per cent year-on-year to ₹8,202 crore.
The company's operating margin edged up to 11 per cent, from 10.8 per cent in the previous financial year. The board has recommended a final dividend of ₹34 per equity share.
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