Larsen and Toubro Ltd secured contracts worth Rs. 1,063 crore in August.
Biggest chunk of this – about Rs. 474 crore – was contributed by the building and factories segment, where the company will design and construct an information technology campus in southern India and residential tower blocks in Mumbai.
The infrastructure business secured orders worth Rs. 377 crore from Delhi Metro Rail Corp. Ltd to build elevated viaduct and stations, while the railways business got a new order valued at Rs. 212 crore for doubling the lines in the Bikaner division of North Western Railway.
Meanwhile JP Morgan has downgraded Larsen and Toubro Ltd to "underweight" from "overweight" and cut its target price to 1,150 rupees from 1,550 rupees, citing inflow growth of 8.5 percent against management's guidance of 15-20 percent.
Larsen & Toubro Limited (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector. L&T has an international presence, with a global spread of offices. A thrust on international business has seen overseas earnings grow significantly. It continues to grow its global footprint, with offices and manufacturing facilities in multiple countries.