India's Larsen & Toubro up on report of orders worth $4 bln from Saudi Aramco

ABB India

02/07/2024 08:54

** Larsen & Toubro (L&T)  LART.NS  rises as much as 3.1%;
last up 2% to 3,596.25 rupees, snapping three straight sessions
of losses 
    ** The infrastructure major's unit got orders worth about $4
bln from Saudi Arabia's state oil company Aramco  2222.SE , per
MEED report 
    ** Order for engineering, procurement and construction of
gas compression and processing units  
    ** L&T and Saudi Aramco did not immediately respond to
Reuters' requests for comment 
    ** LART is second top gainer on the Nifty 50 index  .NSEI ,
which is down 0.2%  .BO 
    ** Analysts' avg rating on stock is "Buy", in line with peer
Siemens  SIEM.NS , while ABB India  ABB.NS  is rated "Hold" -
LSEG data
    ** Median PT on LART is 3,980 rupees, a ~13% premium to last
close
    ** Including session's gains, stock is up ~2% YTD vs ~11%
rise in NSEI 


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))