Larsen & Toubro shares gained more than a percent intraday on June 24 after bagging big power project in Bihar.
“The power business of L&T has bagged a mega engineering, procurement and construction (EPC) order from SJVN Thermal Private Limited to set up a 2×660 MW ultra-supercritical power plant in Buxar district, Bihar,” the infrastructure major said in its BSE filing.
SJVN Thermal Private Limited is a wholly-owned subsidiary of SJVN Limited, a joint venture of the Government of India and the Government of Himachal Pradesh and a Mini Ratna public sector undertaking.
L&T said the scope of work for L&T includes design, engineering, manufacture, procurement, supply, construction, erection, testing commissioning of Buxar Thermal Power Project (2×660 MW),
on turnkey basis, covering steam generator, steam turbine generator, electrostatic precipitator, NOx control system, flue gas desulphurization (FGD) system and complete balance of plant (BoP) systems.
The stock was quoting at Rs 1,541.20, up Rs 1.20, or 0.08 percent on the BSE at 1006 hours IST.
While maintaining buy call on L&T being on conviction list with a target price at Rs 1,700, Goldman Sachs said company continued to show strength in core business and vigour in non-core business. “In bull-case scenario, we 26 percent upside from current levels.