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Larsen & Toubro's (L&T) Heavy Engineering division has secured noteworthy orders, both domestically and internationally, marking a substantial milestone for the company. L&T categorises orders in the ₹1,000 to ₹2,500 crore range as significant.'
In a filing with the stock exchange, L&T revealed that its Heavy Engineering's modification, revamp, and upgrade (MRU) business segment secured a major order for a debottlenecking project from a key oil and gas customer in Saudi Arabia. The company termed this order a crucial achievement for the MRU business in the Middle East.
Additionally, L&T Heavy Engineering received international orders in the process plant equipment market, including orders for EO reactors from a global chemical company in Thailand, Cr-Mo-V reactors from an oil project in Saudi Arabia, a large stainless steel column for an NGL project in Australia, and a heat exchanger from an industry player in the United States.
On the domestic front, L&T HE secured orders to manufacture critical equipment such as Mo-V reactors, VGO reactors, and proprietary-design high-pressure heat exchangers for a refinery project. The company also secured an order for a carbamate condenser from RCF Mumbai for their urea plant.
Morgan Stanley, a brokerage firm, expressed confidence in L&T's prospects, giving the stock an 'overweight' rating and raising its target to ₹4,171 per share. The firm emphasised L&T's robust domestic capex cycle and highlighted the positive trajectory of its Saudi Arabian business.
As of the latest update, L&T shares were trading at ₹3,613 apiece, experiencing a 0.59% decrease. Over the past six months, the stock has gained 38.68%, and in the past year, it has surged by 61.74%.
Last week, L&T's construction buildings and factories business also secured significant orders in India and Oman. Despite ongoing tensions in the Red Sea, L&T's executive remains optimistic, stating that the company anticipates no monetary impact as its business operations primarily lie in the eastern province, away from the conflict zone, and are largely undertaken by Saudi Aramco. The executive assured me that the business is running normally, with more projects being awarded.
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