India's Larsen & Toubro rises on potential gains from green hydrogen market

Mcphy Energy SA

23/03/2023 08:09

** Shares of engineering and construction co Larsen & Toubro
Ltd  LART.NS  rise as much as 1.3% to 2,242 rupees
    ** Analysts at Haitong say LART plans to set up a
Gigawatt-scale manufacturing facility after tie-up with French
firm McPhy Energy to produce electrolyzer
    ** Agreement will provide opportunities in green hydrogen
energy market for LART -  brokerage    
    ** LART also received slew of orders over past few sessions 
    ** Its hydrocarbon business bagged orders worth between 50
billion rupees ($608.42 million) and 70 billion rupees ($851.79
million) on Tuesday, sending shares up as much as 2.3%
    ** On Wednesday, it received orders for multiple businesses
between 10 billion rupees and 25 billion rupees        
    ** 36 of 37 analysts on stock have "buy" or higher rating,
while one recommend "sell"; median PT is 2432 rupees - Refinitiv
data
    ** Stock up 6.1% so far this year, up to last close


($1 = 82.1800 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((Dimpal.Gulwani@thomsonreuters.com;))