Larsen & Toubro Gains After Construction Arm Wins Orders For Solar Projects
Shares of infrastructure major Larsen & Toubro on Tuesday traded over 2.50 per cent on Tuesday, February 23, a day after its construction arm L&T Construction secured two (engineering, procurement, and construction) EPC orders to establish more than 400 MW solar photovoltaic projects in the state of Gujarat. The scope of these packages involves the design, engineering, supply, construction, testing, commissioning, as well as operation and maintenance of the grid-connected solar PV plants of around 200 MW each. On Tuesday, shares of Larsen and Toubro opened the trading session at Rs 1,452, touching an intraday high of Rs 1,498.10, and an intraday low of Rs 1,452, so far.
The country's largest infrastructure developer won various projects in other states such as Tamil Nadu, Gujarat, Rajasthan, as well. According to a statement shared by Larsen and Toubro, a 765kV double circuit transmission line package was received through a project-specific transmission company. This line is associated with the transmission scheme for the evacuation of power from solar energy zones in Rajasthan.
In West Bengal, orders were received to supply and install the high voltage distribution systems in some districts. The grid modernization program in semi-urban and rural areas is being implemented by the state with multilateral assistance. L&T won another order to construct 220kV and 132kV transmission lines from the state transmission utility.
L&T also won a 400 kV substation order in Tamil Nadu. The scope of the package involves establishing a complete substation including associated reactors, transformers, control & protection, switchgear, substation automation systems, etc. The project is aimed to meet the future load growth for Coimbatore and to strengthen the evacuation system of an upcoming pumped storage power plant.
Shares of Larsen & Toubro were last trading 2.66 per cent higher at Rs 1492.40 on the BSE. L&T is an Indian multinational engaged in infrastructure, procurement, and manufacturing services. It operates in more than 30 countries across the world.