Shares of Larsen & Toubro Ltd., the engineering and infrastructure conglomerate, gained on Monday, December 23, after the company said that it has won a “major” order for the supply of equipment to the Indian Army.
L&T in an exchange filing said that it has won an order for the supply of K9 Vajra-T Artillery Platforms to the Indian Army.
The company classifies a “major” order as one that has an order value between ₹5,000 crore to ₹10,000 crore.
K9 Vajra-T, is a 155 mm, 52-calibre tracked self-propelled artillery platform, adapted from the world’s leading South Korean self-propelled howitzer K9 Thunder. It is developed by L&T and Hanwha Aerospace to suit the customised requirements of the Indian Army for operations in varied terrains, including deserts, plains and high altitude regions.
L&T had won an order for the first batch of 100 K9 Vajra-T platforms in 2017 through global competitive bidding and after successful field evaluation.
“Like our first batch, the second batch of the K9 Vajra-T will also be manufactured at our Armoured Systems Complex at Hazira in Gujarat,” said Arun Ramchandani, Senior VP & Head – L&T Precision Engineering & Systems.
L&T also clarified that the Precision Engineering System does not manufacture any explosives or ammunition of any kind, including cluster minitions or antipersonal landmines or nuclear weapons or components for such munitions. The business also does not customise any delivery systems for such munitions.
Out of the 36 analysts that have coverage on L&T, 31 of them have a “buy” rating on the stock, three say “hold”, while two of them have a “sell” rating on the stock.
Shares of L&T are off opening highs, currently trading 0.8% higher at ₹3,658. The stock has gained only 4% in 2024 so far.
Content retrieved from: https://www.cnbctv18.com/market/larsen-and-toubro-lt-major-order-win-up-to-10000-crore-k9-vajra-t-platform-army-19528227.htm.
