L&T bags a ‘significant’ order in West Bengal but stock trades lower

L&T terms order value between Rs 1,000 crore and Rs 2,500 crore as ‘significant’

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Larsen and Toubro‘s (L&T) power business arm has bagged a “significant” order from West Bengal Power Development Corporation Limited to set up wet Flue Gas Desulphurization (FGD) systems for its thermal power plant at Sagardighi.

The project’s unique features include three FGD absorbers catering to four thermal power units (2×300 MW, 2×500 MW), while balance of plant systems to be installed shall cater to five units of the plant. For L&T, this would be the first FGD project from a state-owned power utility.

As per its policy, L&T did not state the actual value of the order.

Installation of FGD systems in existing and upcoming thermal power plants has been made mandatory by the Ministry of Environment, Forest and Climate Change, Government of India, to curtail SO2 emissions.

With this order, L&T is poised to install FGD projects for thermal plants totaling more than 19 GW, actively contributing to GoI’s initiative of reducing SO2 emissions.

The deal comes a day after the transportation infrastructure business vertical of L&T Construction bagged the Dahisar Bhayander Bridge project in Mumbai. The project has been awarded by the Municipal Corporation of Greater Mumbai (MCGM) for the construction of a 4.5-km long bridge connecting Dahisar and Bhayander.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said in the current scenario, investors should watch out for stocks which look strong even in a weak market. “Stocks like Bajaj Finance, L&T and Zomato have been exhibiting strength even in a weak market,” he added.

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L&T is one of the stocks where analysts are most bullish. Data available with Bloomberg shows that out of 40 analysts covering the stock, 37 have a “buy” call, while two have “sell” rating. One analyst rated the stock as “hold”.

At 10.08 am, L&T was trading at Rs 3,032 on NSE, down 1.33 percent amid selling in the wider market.

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