L&T Share Price Soars by 1.7% on Wednesday! ππ°
In a positive turn of events, Larsen & Toubro’s (L&T) share price witnessed a significant rise of nearly 1.7% on Wednesday. This surge comes as the company’s construction arm, L&T Construction, secured a major order for the Amala project in Saudi Arabia’s Red Sea coast. The news of this order led to a surge in share purchases.
On the Bombay Stock Exchange (BSE), L&T’s share price opened at INR 3,492.30. Within a short span of time, it rose by approximately 1.7% from the previous day’s closing price. Furthermore, the share price reached a new 52-week high of INR 3,548. With a growth rate of more than 1.5%, it reached its highest level in the last 52 weeks. On the National Stock Exchange (NSE), the share price opened at INR 3,510 and also reached a 52-week high of INR 3,548.90, indicating strong performance.
At present, the share price is trading at INR 3,547.15, witnessing a 0.089% increase. It is worth noting that L&T’s share price has increased by around 70% this year. The company announced that L&T Construction has also received orders for the establishment of renewable energy generation, power companies, and water systems under the Engineering, Procurement, and Construction (EPC) category. These orders fall under the company’s “Major Orders” classification, with a value ranging between INR 5,000 to 10,000 crores.
About the Amala Project:
The Amala project is a luxurious destination located in the natural reserves of Prince Mohammed bin Salman in Saudi Arabia and along the country’s northeastern coast. This project spans an area of 4,155 square kilometers. Once completed, it will boast 25 hotels, 900 luxury residential villas, apartments, and estate homes. Additionally, it will offer high-end retail establishments, excellent dining options, recreational facilities, and entertainment amenities.
Financial Year’s First Half Reflects Positive Growth for L&T:
In the first half of the financial year, L&T’s order book amounted to INR 4,50,700 crores, marking a 22% increase compared to the previous year. The company’s strong performance and successful projects have contributed to this growth.
With the recent surge in share price and the acquisition of significant orders, Larsen & Toubro continues to make headlines in the stock market. Investors are keeping a close eye on the company’s performance, anticipating further growth and success. πΌππ―
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