L&T shares rose
On October 15, there was a strong rise in the shares of Larsen & Toubro. The company's shares rose 2.6% to Rs 3,841.4 per share, which is the highest level in the last 10 months. This rise came when global brokerage firm Jefferies, while maintaining the “Buy” rating on L&T shares, increased its price target from Rs 4,230 to Rs 4,345.
L&T is now just 3% away from its all-time high of Rs 3,963.5. Jefferies believes the company is on track to meet or exceed its FY26 revenue, order flow and margin targets. The report said that the company's strong growth and cautious strategy can further strengthen the stock in the coming times.
The company said on Monday that its Power Transmission and Distribution (PT&D) division has won large grid infrastructure projects in the Middle East. According to the company, a big order means a contract worth between ₹ 2,500 crore to ₹ 5,000 crore. The company said that the 400 kilovolt (kV) super grid interconnection, which connects the power networks of GCC countries (Gulf Cooperation Council), is helping in better utilization of power generation capacity and enhancing grid stability. Currently, Oman's network is connected to the UAE's 220 kV grid, but now a direct connection is being prepared at 400 kV level. For this, it is necessary to build a 400 kV substation in UAE, the contract for which has been awarded to L&T.
Apart from this, L&T has also received orders to build several new 132 kV substations in the Middle East, which will meet the increasing power demand. L&T has also got the contract to lay 380 kV overhead transmission lines in Saudi Arabia, which will help in connecting renewable energy projects.
Larsen & Toubro is a $30 billion Indian multinational company, which works in the field of engineering, procurement and construction (EPC) projects, high-tech manufacturing and services, and has its business spread in many countries of the world.
