Larsen & Toubro shares rally to record high after bagging Rs 2,500-crore urea plant deal
IIE Digital Desk : Shares of Larsen & Toubro (L&T) rallied to a record high on Tuesday after the company bagged a Rs 2,500-crore contract to set up a urea plant in Australia. The company's stock closed at Rs 2,726.50 on the BSE, up 3.5%. L&T said it had received the letter of award from Perdaman Chemicals and Fertilisers Pty Ltd for the engineering, procurement, construction, and commissioning of a 2.3 million tonnes per annum urea plant in Western Australia. The plant is expected to be commissioned in 2026.
The order is a major boost for L&T's order book, which stood at Rs 3.4 lakh crore as of June 2023. The company is also looking to expand its presence in the Australian market. In May 2023, it had won a contract worth Rs 1,200 crore to build a water treatment plant in Western Australia. The rally in L&T shares comes amid a broader sell-off in the Indian stock market. The Sensex index closed down 0.2% on Tuesday.
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