L&T Shares Hit Record High on Major Order Win for Amaala Project in Saudi Arabia

27 Dec 2023 , 12:29 PM

Larsen & Toubro’s (L&T) shares surged nearly 2%, reaching a record high of Rs 3,548.90 on December 27 following a significant order win for the Amaala project in Saudi Arabia’s Red Sea region.

The order, categorized as engineering, procurement, and construction (EPC), pertains to the establishment of various systems related to renewable energy generation and utilities.

L&T considers orders in the range of Rs 5,000 to 10,000 crore as major orders. The company’s order book for the first half of FY24 reached Rs 4,50,700 crore, reflecting a 22% YoY increase from the previous fiscal.

Despite a decline in domestic orders in Q2, L&T experienced a significant rise in offshore contracts.

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