L&T's stock prices hit all-time record after it bags order from ArcelorMittal Nippon Steel

Ranked among the world's top engineering firms, Larsen & Toubro has managed to expand across verticals into construction, hydrocarbons and even defence. The firm seen among major names in India's corporate world, has now crossed the Rs 3 lakh crore mark in terms of valuation, to join prestigious names such as Wipro among others. This jump in market cap comes as L&T's stock prices achieved an all-time high of Rs 2,144 per share, thanks to an order from ArcelorMittal Nippoin Steel.

ArcelorMittal's solid steel demand

The joint venture between ArcelorMittal and Japanese giant Nippon Steel, is currently dominating the steel solutions industry in India. It also has global presence with 350 locations in India and the UAE. The firm has itself also bagged the first order to supply steel slag for a first of its kind highway for India in Surat.

More growth on the cards for L&T

L&T leads the infrastructure space, and with the Indian government's increased focus in that direction, along with production linked incentives as well as higher capital expenditure on such projects, the firm is bound to thrive. More opportunities are also awaiting L&T as more construction and infrastructure development will be needed for data centres as well as green hydrogen units in the Gulf region.

The firm is also slated to achieve order intake and revenue growth of almost 15 per cent, as orders with better margins along with falling commodity prices, show more opportunities on the horizon.

Published on: Wednesday, December 07, 2022, 08:23 PM IST