1 hour ago
Apart from the concerns, L&T on Tuesday said its transportation infrastructure business vertical won a "significant" order for an arterial cable-stayed bridge over the Muri Ganga River in South 24 Parganas district, West Bengal.
Shares of Larsen and Toubro Ltd. (L&T) declined 2.5% on Tuesday, January 13, after the Middle East Economic Digest's (MEED) report of Kuwait discussing the cancellation of oil project tenders worth $8.7 billion.
Kuwait is looking to rebid the tenders as the bids came in over budget for five major upstream contracts, according to the MEED report.
MEED is a media company that reports on the economic and business news of the Middle East.
As per analysts, L&T was the lowest bidder in tenders worth over $4.5 billion. Its current consolidated order book is at ₹6.5 lakh crore.
L&T's order inflow guidance for the financial year 2026 was 10% higher than the previous fiscal.
CNBC-TV18 reached out to L&T for a comment, but the response is awaited.
L&T wins 'significant' order
On another note, L&T on Tuesday said its transportation infrastructure business vertical won a "significant" order for an arterial cable-stayed bridge over the Muri Ganga River in South 24 Parganas district, West Bengal.
L&T classifies orders in the ₹1,000 crore to ₹2,500 crore range as "significant".
The firm's scope of work includes construction of 2+2 lane, 3.2km extradosed cable-stayed bridge with a maximum span of 177 metre, along with 0.9km approach road on Kakdwip Side nd 0.65km approach road on Sagar Island side. The bridge will be equipped with advanced traffic management system, bridge health monitoring system, architectural bridge lighting and hybrid street lighting and essential road furniture, it said.
The bridge will provide direct, all-weather connectivity to Sagar Island, which currently depends on ferry services that are often disrupted during adverse weather conditions. It will benefit over 2 lakh residents of the island, L&T said.
It will also boost pilgrimage by ensuring safe and convenient travel for millions of devotees, from across India, to the annual Ganga Sagar Mela, the second-largest religious congregation after the Kumbh Mela, L&T said, adding that it will also help transform the socio-economic landscape of the island.
L&T shares were down 2.4% at ₹3,922.2 apiece around 10.20 pm. The stock has gained 13.5% in the past year.
Also Read: Balu Forge shares jump 10% after conclusion of I-T probe, snap eight day losing streak
