L&T gains on entering into Electrolyzer Manufacturing Binding agreement with McPhy Energy
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Larsen & Toubro is currently trading at Rs. 2228.50, up by 14.90 points or 0.67% from its previous closing of Rs. 2213.60 on the BSE.
The scrip opened at Rs. 2214.50 and has touched a high and low of Rs. 2233.40 and Rs. 2214.50 respectively. So far 6422 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2297.30 on 20-Jan-2023 and a 52 week low of Rs. 1456.80 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 2246.00 and Rs. 2152.25 respectively. The current market cap of the company is Rs. 311117.54 crore.
The Institutions and Non-Institutions held 63.28% and 36.69% stake respectively in the company.
Larsen & Toubro (L&T) has entered into an Electrolyzer Manufacturing Binding agreement with McPhy Energy, a France-based leading electrolyzer technology and manufacturing company, for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen market.
Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyzer technology to L&T for manufacturing of electrolyzers, including future product upgrades. L&T plans to set up a Gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other selected geographies. The proposed agreement is in line with L&T’s strategic vision to be present across the green energy value chain and also furthers McPhy’s aim to expand beyond the European market.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
