Shares of Larsen & Toubro (L&T) rose 3 per cent to hit an all-time high of Rs 1684.8 on BSE after L&T Construction, the construction arm of LET won a slew of orders in India and abroad for its various businesses.
The stock opened 0.84 per cent higher at Rs 1,651.50 against the previous close of Rs 1,637.65. It has been gaining for the last 3 trading sessions and has delivered 4.49 per cent return in the same period.
With a market capitalisation of Rs 2,34,029.74 crore, the share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large-cap stock has risen 29 per cent since the beginning of this year and has surged 70 per cent in the last 12 months.
"The Buildings Et Factories business has secured an order to construct Multilevel Parking and Advocates Chamber for The Hon'ble High Court at Allahabad with an approximate built-up area of 20 Lakhs sq. ft," the company said.
This project consists of 2,294 Advocate chambers, 2,323 car parking spaces in a multilevel car parking, 1,552 two-wheeler parking spaces with associated utility buildings. The scope of work involves Design, Engineering, Procurement, and Construction of Civil and related MEP works. The project is scheduled to be completed in 27 months.
The Power Transmission & Distribution business has bagged an order for the turnkey construction of a substation in Saudi Arabia. The scope of the Gas Insulated Substation project involving four different voltage levels up to 380kV comprises the associated control, protection, automation, telecommunication systems and civil & electromechanical works.
The Smart World & Communication business has bagged yet another Smart City project. The project has been awarded by the Moradabad Smart City Limited to Design, Develop, Implement, and Manage the Operations & Maintenance of a Command-and-Control Centre (CCC), CCTV Surveillance, Smart Traffic Solutions, and to integrate various ICT components with an Integrated Command and Control Center Platform (ICCC) for Moradabad, Uttar Pradesh.
According to MarketsMojo, the company has declared positive results for the last 4 consecutive quarters. The technical trend has improved from Mildly Bullish on June 3, 2021, and the stock is technically in a bullish range. Multiple factors for the stock are bullish like MACD, Bollinger Band, KST, DOW and OBV.
The stock is trading at a discount compared to its average historical valuations and with a ROCE of 12.5, it has a Fair valuation with a 1.9 Enterprise value to Capital Employed. Also, the company has high institutional holdings at 55.86%.
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