Stock market today: Shares of blue chip stock Larsen and Toubro (L&T) marked a fresh all-time high of Rs 3,548 per share amid broad-based buying. At around 11:13 am, shares of the infra major were up over 1 per cent at Rs 3,527.5. It gained as much as 1.69 per cent earlier.

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The gains in the stock were triggered after the company bagged a major engineering, procurement, and construction (EPC) order for establishing various systems of renewable energy generation and utilities for the Amaala project in the Red Sea region, Saudi Arabia.

“The construction arm of Larsen & Toubro has been chosen as the turnkey engineering, procurement, and construction contractor to establish various systems related to renewable energy generation and utilities for the Amaala project in the Red Sea region of Saudi Arabia,” said the company’s filing with the exchange.

"Amaala is an ultra-luxury destination set in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia’s northwestern coast. Spanning an area of 4,155 square kilometres, the project features pristine landscapes and diverse natural ecosystems, coupled with unique and intriguing heritage and local culture," according to the filing.

The consortium of the UAE's clean energy powerhouse, Masdar, and French electricity utility EDF has signed a concession agreement for the fully integrated utility project with the developers of Amaala. Larsen & Toubro, in turn, has entered into an EPC agreement with the sponsors, viz., EDF and Masdar.

On the development T. Madhava Das, Whole-Time Director and Senior Executive Vice President (Utilities), Larsen & Toubro, said, “The award of this prestigious contract stands testimony to the synergistic strength of the diverse offerings of L&T Construction in providing innovative solutions to customers keen on sustainable, clean, and reliable electricity and water systems.”

Amid the broader rally, this Nifty50 constituent has surged 69 per cent on a year-to-date basis, while Nifty in a similar period has delivered an 18.5 per cent return.

What do the technicals suggest for the heavyweight?

Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox, believes that L&T, following resilient sustainability over the Rs 3,200 mark, has geared up for a robust medium-term upside. A new all-time high with average volumes points to a steady-up move for the forthcoming sessions.

The medium-term outlook will realise a gradual upward move in the direction of Rs 4,000. The stock's immediate support is seen at Rs 3,350, followed by Rs 3,200, Bagkar mentions.

Unless the stock breaches Rs 3,150, which is its 50-simple moving average (SMA), the bias comprehends optimism, as the price action has observed accumulation around the same average since mid-year, the analyst added.