L&T shares rise 2.4% after securing orders in India

Shares of Larsen & Toubro (L&T) increased by 2.4% on Friday after the company announced it secured large orders from Brigade Group. L&T's shares reached Rs 3,430 on the Bombay Stock Exchange. The orders from Brigade Group are for residential and commercial projects in Hyderabad and Chennai. L&T's Buildings & Factories division won the contracts, valued between Rs 2,500 crore and Rs 5,000 crore. This is L&T's largest residential project from a private client. In Hyderabad, L&T will build the Brigade Gateway Residences, which will feature two luxury towers. One of these towers will be among the tallest in the city. Additionally, L&T will construct the Brigade World Trade Centre, a commercial tower over 200 meters high with more than 50 floors, including retail space and a five-star hotel. In Chennai, L&T has orders for Brigade Altius, which includes three towers, and Brigade Morgan Heights. All projects will follow a design-and-build model. Despite the recent rise, L&T shares are still down 13% from their peak. The stock has seen a slight decline of over 2% in the past year but has gained 4.7% in the last month. Current technical indicators show the stock is performing better than five out of eight key moving averages, though it remains below its longer-term averages. The Relative Strength Index is at 58.2, suggesting neutral momentum.