L&T Bags Second 'Significant' Order In Two Days, This Time For Hydrocarbon Business

Indian construction giant, Larsen & Toubro Ltd., won another order worth Rs 1,000 crore to Rs 2,500 crore for its hydrocarbon business, a day after it bagged new orders of same value from Uttar Pradesh Metro Rail Corp.

The hydrocarbon business secured an order under its AdVENT business vertical from a Government of India undertaking with 'Navratna' status and a leading fertilisers and chemicals manufacturing company in India, it said in an exchange filing on Tuesday.

The project involves the licence, engineering, procurement, and construction of a NPK fertiliser plant, along with associated utilities and off-site facilities for Rashtriya Chemicals and Fertilizers Ltd.

This order reaffirms the dedication to supporting the Indian government’s 'Atmanirbhar Bharat' initiative, which aims to enhance the nation’s self-reliance in fertilizers, said Subramanian Sarma, whole-time director and president (energy), in the statement. "We are committed to executing the L-EPC work within a strict timeline.”

The company classifies a 'significant order' as orders valued between Rs 1,000 crore and Rs 2,500 crore.

With over three decades of experience, the company continues to set global benchmarks in project management, corporate governance, quality, HSE, and operational excellence, it said.

The order that was won on Wednesday involves the design and construction of Agra Metro.

Larsen & Toubro's share price was trading 0.15% lower at Rs 3,527.4 apiece, compared to a 0.61% advance in the benchmark Nifty 50 as of 10:26 a.m.

The stock has risen 15% during the last 12 months and has advanced by 0.07% on a year-to-date basis. The relative strength index was at 43.

Of the 36 analysts tracking the company, 30 have a 'buy' rating on the stock, four suggest a 'hold' and two have a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 12.2%.