L&T Shares Near 52-Week High After Receiving Multiple Large Orders

On Wednesday, shares of Larsen & Toubro (L&T) rose almost 2% to an intraday high of Rs 1,373 after the company said in a stock exchange filing that its construction arm has secured orders from prestigious clients for various businesses.

"Metallurgical and Material Handling (MMH) business has received orders to construct a metallurgical plant in the domestic market, add on orders from an overseas package and product supply orders from various customers. Traction in metal prices gives a good outlook for the business in the near and medium-term," it said.

It further said that "L&T's Power Transmission & Distribution Business has won an Engineering, Procurement, Construction and Commissioning (EPCC) Contract to construct a 500kV Transmission Line in Malaysia that comes at the heels of the successful completion of a similar 500kV project in West Malaysia."

"The proposed overhead line will facilitate power evacuation from an upcoming Combined Cycle Power Generating facility in the region," it added.

The stock is only 0.8% away from its 52-week high of Rs 1,384.95 from Wednesday's intraday high of Rs 1,373 apiece.