L&T rises as its Heavy Engineering arm bags multiple orders in Q3FY23
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Larsen & Toubro is currently trading at Rs. 2112.00, up by 25.75 points or 1.23% from its previous closing of Rs. 2086.25 on the BSE.
The scrip opened at Rs. 2096.40 and has touched a high and low of Rs. 2121.45 and Rs. 2096.40 respectively. So far 13079 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2210.50 on 16-Dec-2022 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. 2122.05 and Rs. 2058.10 respectively. The current market cap of the company is Rs. 298028.54 crore.
The Institutions and Non-Institutions held 62.84% and 37.17% stake in the company.
Larsen & Toubro’s (L&T) Heavy Engineering arm -- L&T Heavy Engineering has won multiple orders in Q3FY23. In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest Reactors and Screw Plug Heat Exchangers for a refinery in Mexico. These orders reflect the customer’s faith on L&T Heavy Engineering’s reliability and commitment. The Business also secured orders for supply of critical Reactors and Vessels for blue ammonia projects in USA and Uzbekistan. The Business also bagged strategic orders for process plant equipment from a European client. All the orders were won against stiff international competition on the back of reliable performance.
On the domestic front, L&T Heavy Engineering secured orders to manufacture critical Residue Upgrading Reactors and to design & manufacture High-pressure Screw Plug Heat Exchangers with complex Cr-Mo-V steel material for IOCL’s Panipat Refinery P25 Expansion Project. These orders for manufacturing high technology equipment demonstrate L&T’s continued focus towards ‘Make in India’/ ‘Atmanirbhar Bharat’ initiative of the Government of India (GoI).
Further, L&T Heavy Engineering’s Modification, Revamp and Upgrade (MRU) business segment won an order to revamp a rea plant on an EPC basis. The objective of the revamp is to improve reliability and safety of a very old (>50 yrs.) plant, increase this plant’s capacity and enhance its energy efficiency to meet the GoI’s stipulated norms.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
