L&Ts construction arm secures mega order worth Rs 7,000 crore; shares scale fresh peak

L&T share price: It would not be an exaggeration to say that the construction and engineering conglomerate Larsen & Toubro (L&T) is in its prime. The infra giant is securing one mega order after another, thus propelling the company’s share price to new highs almost every day.

The stock hit a fresh record high of Rs 3,057 on the BSE on Friday, September 29, after the company, in its regulatory filing, said that the Heavy Civil Infrastructure business vertical of L&T Construction has won a mega order from its client, the Mumbai Metropolitan Region Development Authority (MMRDA), for the design and construction of an Underground Road tunnel Project between Orange Gate, Eastern Free Way to Marine Drive Coastal Road at Mumbai.

"The major scope of work for the project comprises the design and construction of twin road tunnels, using Tunnel Boring Machines (TBMs), connecting these tunnels to the existing elevated Eastern Freeway at Orange Gate near its southern terminal through transition ramps and to the Marine drive at Mumbai," the filing added.

L&T's order book at record peak 

The company boasts an order book of Rs 4.12 lakh crore until June 30, 2023. The company received the single largest international order worth Rs 33,000 crore. Its increased focus in the Middle East has helped the company's order book, and it has an order pipeline of Rs 10 lakh crore. There has been a sharp increase in order inflows and execution. 

Over the past 12 months, FIIs have increased their stake in the company from 21 per cent to 25 per cent. 

Top brokerages' target prices

With inputs from Zee Business Research.