L&T strong order inflow may boost sentiment and break range-bound trend
One of the largest engineering & technology companies in the world, Larsen & Toubro Ltd, registered its yet another positive closing on Thursday.
Soon after the news of the company being nominated as the lowest bidder surfaced, the stock of L&T got into the limelight.
The street may take this as a much-needed boost. The share price of L&T is among the most underperformed stock in the large-cap category. The price has appreciated by just 27 per cent since March 2020, when markets saw a heavy meltdown due to the pandemic. Meanwhile, the index has appreciated by more than 55 per cent.
The company has consistently reported strong business inflows over the past two quarters. At the end of the first quarter of the current fiscal, it reported its consolidated order book at Rs 305100 crore.
On Wednesday, the company reported that its commercial and residential spaces arm, L&T Construction has won orders for the construction of a residential project and office space in Mumbai. As per the company classification, the order value would stand between Rs 2,500 crore and Rs 5,000 crore.
On Thursday, the stock price of L&T closed at Rs 925 on BSE, which is still nearly 40 per cent down from its 52-week high. The market participants await the results, which may decide its further course of action on the scrip. Thus, investors can add this to their watchlist!