Larsen and Toubro Shares React Negatively Despite Rs 2,500 Crore Orders
Shares of Larsen and Toubro Ltd (L&T) fell up to 3% on Friday, 27 March, despite receiving domestic orders valued at up to Rs 2,500 crore. L&T announced that its buildings and factories business vertical has received ‘significant’ orders across numerous Indian states. Orders between Rs 1,000 crore and Rs... The post Larsen and Toubro Shares React Negatively Despite Rs 2,500 Crore Orders appeared first on Equitypandit.
Shares of Larsen and Toubro Ltd (L&T) fell up to 3% on Friday, 27 March, despite receiving domestic orders valued at up to Rs 2,500 crore.
L&T announced that its buildings and factories business vertical has received ‘significant’ orders across numerous Indian states. Orders between Rs 1,000 crore and Rs 2,500 crore are considered ‘significant’.
In Gujarat, the company got an order to build a float glass facility. The scope of work comprises the design and construction of all civil, steel, mechanical, electrical, and plumbing systems, as well as related exterior development.
In Andhra Pradesh, L&T announced that it has received an order from a leading two-wheeler manufacturer to build a production plant. The scope of work includes civil, steel, and architectural projects. L&T also received many add-on orders for current projects, it added.
L&T’s recent domestic order wins come as its international market remains wary of the continuing Iran-US-Israel battle in West Asia, which began about a month ago. However, L&T emphasised this week that the battle had no effect on 95% of its West Asian installations.
L&T said it had operations in the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and other Gulf countries. It has 100 operating sites across the region, across all segments. According to the report, 95% of sites in West Asia are operating normally, while 5% have been halted or interrupted.
L&T has a large presence in West Asia, with overseas business accounting for around 49% of the company’s total order book. More than 80% came from Saudi Arabia, the United Arab Emirates, and the Gulf region.
At 12:05 pm, the shares of Larsen and Toubro were trading 1.95% lower at Rs 3,578.10 on NSE.
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The post Larsen and Toubro Shares React Negatively Despite Rs 2,500 Crore Orders appeared first on Equitypandit.
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