L&T share price gains 3% on fund-raising nod, global orders

Larsen & Toubro share price gained more than 3 percent intraday on April 9 after the board approved fund raising and the company receiving global contracts.

The stock gained for fourth consecutive session, rising 7.8 percent, while it rallied 18 percent from 2020's low touched on March 24. It had corrected 48 percent in two months.

The stock was trading at Rs 819.10, up Rs 11.45 or 1.42 percent on the BSE at 1321 hours.

In its BSE filing, L&T said the board of directors on April 9 approved long-term borrowing up to Rs 29,000 crore, either through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate.

Further, the power transmission and distribution business of L&T Construction has bagged orders in India and abroad.

"In Kuwait, we received order to upgrade substations and related power facilities in KNPC's Mina Al Ahmadi oil refinery and in Oman, the division has won a 400 kV grid station order which will be a crucial element in the Sultanate's major transmission initiative to interconnect the grids in the south and north with the PDO Area," the engineering and construction major said.

In Egypt, L&T has bagged order to design, supply, construct and commission a 220 kV gas insulated substation, while its renewable subsidiary has won large EPC orders on the domestic and international fronts to establish solar photovoltaic plants totalling more than 500 MW.

"An order has been won to strengthen the urban HT distribution network in Chennai with addition of ring main units and feeder remote terminal units on a total turnkey basis. Also, fully automated, unmanned 33 kV Gas Insulated Substations will be established at select locations," company said.

Another order was for supplying and installing medium voltage capacitor banks with related accessories under different discoms in Uttar Pradesh, it added.

In addition, L&T's hydrocarbon engineering division on April 8 received EPCC contract for setting up a new 9 MMTPA atmospheric & vacuum distillation unit (AVU) and allied facilities (EPCC-1 Package) for Barauni refinery capacity expansion project at Indian Oil Corporation's Barauni refinery in Bihar.

On April 7, too, the smart world & communication business of L&T Construction secured an order from the Indian Army for a unified network management system and to manage, support and operate the countrywide armed forces network under the network for spectrum.