Share prices of this large cap stock primarily engaged in providing engineering, procurement and construction (EPC) solutions hit a new 52-week high at Rs. 3,737.90 on January 30, while its previous close of Rs. 3,708.35.
With a market cap of Rs. 5,06,198 crore, Larsen & Toubro Ltd. has given over 37.3 percent of returns in the past six months and nearly 74.2 percent in the last one year. So far, the company has given 4.41 percent of returns in 2024.
This is the second time in a month, that the share prices of L&T have hit an all-time high in a month. Earlier on January 17, share prices of L&T hit a new 52-week high at Rs. 3,614.45.
According to the recent filings on the stock exchanges, Larsen and Toubro (L&T) won a mega EPC Order for establishing the largest renewable generation plant in Dubai, UAE. As per the project classification of L&T, their Mega orders range from Rs. 10,000 crore to 15,000 crore.
The renewable engineering, procurement, and construction (EPC) arm of Larsen & Toubro’s Power Transmission & Distribution business has been selected as the turnkey EPC contractor to establish a 1800 MWac solar photovoltaic plant in Dubai.
Spread over 20 square kilometres, the project is the 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park, located in Dubai, and will become operational in three phases. This solar plant will also be estimated to reduce nearly 2.4 million tonnes of carbon emissions annually.
Abu Dhabi Future Energy Company PJSC – Masdar, has signed the Power Purchase Agreement with Dubai Electricity and Water Authority (DEWA) to develop the project, where DEWA will retain a 60% stake in the project.
In terms of financials, the company’s revenue from operations grew by 6.56 percent from Rs. 47,882 crore in June 2023 quarter to Rs. 51,024 crore in September 2023 quarter, accompanied by an increase in net profit by 24.22 percent from Rs. 3,096 in June 2023 quarter to Rs. 3,846 in September 2023 quarter.
As of December 2023, FIIs hold 25.5 percent of the shares, whereas DIIs hold 37.34 percent of the shares in the company, aggregating to 62.84 percent of the institutional holdings.
L&T is a $23 billion Indian multinational conglomerate engaged in engineering, procurement and construction (EPC) projects, hi-tech manufacturing and services, operating in over 50 countries worldwide.
Written by Shivani Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
