L&T JV receives large order from THDC
JV of L&T bags a large order from THDC. Shares of L&T have, however, fallen over 2 per cent in the morning session on Friday despite positive news.
L&T MHPS Boilers (LMB) is a joint-venture of Larsen & Toubro (L&T) and Mitsubishi Hitachi Power Systems (MHPS). The JV has secured large order from THDC India, which is a joint venture of Government of India and Government of Uttar Pradesh.
The scope of work for LMB includes design, engineering, manufacture, supply, erection and commissioning of steam generator and associated packages, including site levelling, for THDC's 2x660 MW Khurja Super Thermal Power Project in Bulandshahar district, Uttar Pradesh. The said order is to be completed over 46-52 months. The orderbook from power business is at around Rs 20,000 crore.
LMB caters to markets in the Middle East, Africa, South East Asia and Latin America for engineering services, supply of pressure parts and pulverisers.
The shares of Larsen & Toubro, on Friday, opened at Rs. 1343.45 against Thursday’s close of Rs. 1342.85. At 11:56 hours, it was trading at Rs. 1308.35, 2.43 per cent lower than its previous close. The stock hit an intraday high of Rs. 1357.00 and intraday low was Rs. 1307.20. Its 52-week high was Rs. 1,606.70 and 52-week low was Rs. 1,183.40 per share on the BSE.
Meanwhile, the S&P BSE Index was hovering in the red zone at levels of 36,863.70, down 0.57 per cent.