Larsen and Toubro (L&T) shares hit a record high of Rs 2,726 following the company's announcement of securing a significant contract. Here are the key details:
Contract Details:
- L&T's energy hydrocarbon business secured a contract worth Rs 2,500 crore for setting up a 2.3-million-tonne-per-annum (MMTPA) urea plant in Australia for Perdaman Chemicals and Fertilizers Pty.
- This urea plant will be the largest in Australia and one of the largest globally. It's expected to play a crucial role in meeting Australia's domestic demand for urea.
- Perdaman Chemicals and Fertilizers will utilize 50% of the urea for domestic supply, while the rest will be exported.
Additional Wins:
- L&T Heavy Engineering also secured multiple orders for the complete package of urea equipment for the same project.
- In addition to the urea plant contract, L&T's Power Transmission & Distribution Business secured new orders in the Middle East, including projects in the United Arab Emirates, Kuwait, Qatar, and Saudi Arabia.
Company's Perspective:
- Subramanian Sarma, Whole-Time Director and Senior Executive Vice President of L&T’s Energy business, highlighted that this milestone aligns with their strategic goal of expanding their geographic reach and client base.
- L&T's commitment to modularization in onshore projects was underscored by this contract.
Overall, this contract win and additional orders in the energy and infrastructure sectors indicate positive growth prospects for Larsen and Toubro. Investors and stakeholders may view these developments as a sign of the company's continued expansion and strong position in the industry.
Tags
News and Information