Multibagger stock: This infrastructure giant secured a USD 2.77 Billion contract to build Renewable Energy Infrastructure!
The stock has risen over 35 per cent in the last one year.
Larsen & Toubro (L&T) is an engineering, construction, manufacturing, and financial services conglomerate, with global operations. On 2nd June 2023, the company informed in the exchange filing that the company’s power transmission & distribution business has bagged a USD 2.77 Billion contract.
The company will engineer, procure, and construct a 2.2 GWac PV Solar Plant, a 1.65 GW Wind Generation Balance Plant, and a 400 MWh Battery Energy Storage System under the Power Elements package. It will also construct 3 Nos of 380 kV Switching Stations, 306 KM of 380 kV Overhead lines, and UG Cables required for the Kingdom’s Grid network.
The company has achieved important milestones for the power elements and grid packages of the world’s largest green hydrogen plant being built by NEOM Green Hydrogen Company located at Oxagon in Saudi Arabia’s region of NEOM. NEOM Green Hydrogen Company (NGHC) is an equal joint venture by ACWA Power, Air Products, and NEOM.
NEOM Green Hydrogen company is setting up a mega plant to produce green hydrogen at scale for global export in the form of green ammonia with a total investment of USD 8.4 billion. Supported by 23 local, regional, and international banking and financial institutions, the project has now achieved full financial close and construction is moving forward.
The stock has delivered multibagger returns of more than 170 per cent in the last three years and investors should keep a close eye on this stock.
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