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Larsen & Toubro shares rise on green hydrogen bond with ReNew Power

December 3, 2021 12:42 PM

Larsen & Toubro shares rise on green hydrogen bond with ReNew Power
The stock was trading at RS 1,837.90, up RS 48.95, or 2.74 percent in the early hours. It has touched an intraday high of RS 1,844.90 and an intraday low of RS 1,800.10.

Larsen & Toubro (L&T) shares gained over 2 percent in the morning session on Friday after the company announced partnership for green hydrogen projects in India.

The engineering conglomerate on December 2 announced that it will jointly own and operate green hydrogen projects with Goldman Sachs-backed green energy producer ReNew Power.

“Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India,” a joint statement said.

The stock was trading at RS 1,837.90, up RS 48.95, or 2.74 percent in the early hours. It has touched an intraday high of RS 1,844.90 and an intraday low of RS 1,800.10.

Also Read : Larsen & Toubro gains 4%, hit’s record high on hopes of strong order inflows

Domestic research and broking firm HDFC Securities has a positive outlook on Larsen and Toubro given its strong order book, healthy balance sheet, and robust services business.

“Larsen & Toubro shares can deliver high-teens PAT CAGR over FY2020-23 and pay out high dividends. Investors could look at buying the stock for a target of RS 2077, an upside of 13 percent from current market price,” it added.

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