L&T share price gains on winning large orders; CLSA raises target price

Foreign broking house CLSA has kept buy rating on the stock and raised the target price to Rs 3,600 per share.

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Larsen & Toubro (L&T) share price were trading in the green on October 5 after its buildings & factories business bagged orders in the range of Rs 2,500-5,000 crore. The Buildings & Factories business of Larsen & Toubro has secured various orders in the large category under its various business units.

The business has secured an order to construct a residential township in Bengaluru involving the construction of 3,627 apartments spread across 19 towers having configuration of 3 Basements + Ground + 23 to 41 Floors, 88 Villas along with club houses, swimming pools, and other amenity structures. The total built up area will be approximately 9.7 million sq.ft.

The business also secured orders from a reputed developer to construct commercial towers in Hyderabad. The scope of work includes construction of 2 buildings (2B+G+6P+1T+15 Floors and 3B+LG+UG+4P+1T+14 Floors) with a combined built-up area of 4.2 million square feet.

In addition, the business has bagged an order from the Indian Institute of Technology, Kanpur to construct a Super Specialty Hospital and an Academic Block as part of the Gangwal School of Medical Sciences and Technology. The project involves construction of a 500-bedded hospital block (G+5 floors) and an academic block (G+5 floors).

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Foreign broking house CLSA has kept a buy rating on the stock and raised the target price to Rs 3,600 per share. Overall, L&T’s outlook remains robust as over the past seven days the company landed another $1.5 billion in orders for Mumbai infra, said the broking house.

It believes that the company is likely to achieve 50 percent of its FY24 guidance inflow in H1.

CLSA raises E&C segment estimate for CY25-26 EPS by 4-5 percent on lifted CY24 inflow forecast by 5 percent.

The company on October 4 said its power business arm has bagged an order worth up to Rs 2,500 crore from the West Bengal Power Development Corporation Limited.

The Engineering, Procurement and Construction (EPC) order pertains to setting up of wet Flue Gas Desulphurisation (FGD) systems for its Thermal Power Plant at Sagardighi in the state of West Bengal, the company said in a regulatory filing.