L&T shares hit record high after firm wins order for hydrocarbon business

Shares of Larsen & Toubro (L&T) hit a record high today after the hydrocarbon business (L&T Energy Hydrocarbon – LTEH) of the conglomerate recently won an order under its AdVENT (Advanced Value Engineering and Technology) business vertical. L&T stock gained 1.97% to a fresh high of Rs 2319.65 against the previous close of Rs 2274.75 on BSE. Later, the stock ended 1.51% higher at Rs 2309.15 on BSE.

The stock of the infra major has gained 10.68% this year and risen 26.16% in the last one year. Total 1.35 lakh shares of the firm changed hands amounting to a turnover of Rs 31.17 crore on BSE. Market cap of L&T rose to Rs 3.24 lakh crore.   

In terms of technicals, the relative strength index (RSI) of L&T stands at 66, signaling it's trading neither in the overbought zone nor in the oversold zone. L&T stock has a one-year beta of 1, indicating average volatility during the period. L&T shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock hit a 52-week low of Rs 1456.80 on June 20, 2022. 

The order pertains to licence plus engineering, procurement and construction (L - EPC) of a Technical Ammonium Nitrate (TAN) plant along with Weak Nitric Acid (WNA) plant at Gadepan, Kota, Rajasthan from Chambal Fertilisers and Chemicals Limited (CFCL), a leading fertiliser company in India.

The TAN and WNA plants, having capacities of approximately 240,000 Metric tonnes (MT) p.a. and 2,10,000 million tonnes p.a. respectively, will be built under a technology license from CASALE S.A., a privately owned Swiss Company headquartered in Lugano, Switzerland.

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