L&T wins orders up to Rs 10,000 crore in Bengaluru & Mumbai

Larsen & Toubro (L&T) announced that its buildings and factories vertical has secured 'major' orders in India, classified as being in the ₹5,000 crore to ₹10,000 crore range. The company secured a contract from a multinational client for one of the largest proposed IT parks in Bengaluru, with a 5.9 million square foot development potential, to be delivered in two phases. The project will feature office spaces developed to USGBC new building - platinum rating towards LEED certification for sustainability. The warm shell construction will include six towers.

L&T described the scope of work as comprehensive, covering civil structure, unitised facade glazing, architectural lighting, finishes, electromechanical services, GIS substation, solar PV system, LPG gas bank, and extensive hardscaping and landscaping.

Additionally, L&T's buildings and factories vertical has obtained an order from a renowned developer for a mixed-use development project in Mumbai, set for completion within 45 months.

Despite these order wins, L&T shares were recently double downgraded by BofA Securities to "underperform" from a prior "buy" rating, citing limited upside after recent gains. Meanwhile, L&T's share price rose 0.78% to ₹3,702.40 and has registered a 7.7% gain in the last six months.

The developments in Bengaluru and Mumbai are expected to support L&T's project pipeline and reaffirm its standing in the construction and engineering sector. The company's active order book and capacity for large-scale projects remain in focus.