Larsen and Toubro said on Wednesday (October 30) that their power transmission and distribution vertical has won “significant” orders in the Middle East and Africa to expand and strengthen power grids at high voltage levels.

It announced that it would also implement an energy management system for the national electricity grid.

L&T classifies orders between ₹5,000 crore and ₹10,000 crore as ‘major’.

Among the multiple orders, one order is in consortium with an equipment manufacturer, to build the new national system control center for Kenya. The transmission center will manage the flow of electricity in the country by integrating various generation sources and routing electricity based on an order of merit, the company said. L&T will also implement the backup power management system at a remote site.

In the Middle East, the company won orders for the turnkey construction of high-voltage transmission lines in Saudi Arabia. It also received additional orders for gas-insulated substations as part of an ongoing power system expansion project in Qatar.

Last week, the company has won a major order from France-headquartered intergovernmental body ITER to deploy advanced welding technology for the global nuclear fusion project.

L&T will deploy critical advanced technologies for assembling complex parts with the vacuum vessel in the world’s largest nuclear fusion project in Cadarache, southern France, it said. L&T classifies orders between ₹1,000 crore and ₹2,500 crore as “large”.

Last week, the title also received its second deterioration of ratings in a month after the brokerage firm UBS lowered the stock’s rating to “neutral” on Friday October 25 compared to its previous buy rating.

UBS also reduced its price target on L&T to ₹4,000 from ₹4,400 earlier. The revised price target implies a potential upside of 16% from current levels. L&T shares have corrected 13% from their recent highs.

The downgrade came exactly a month after HSBC downgraded L&T’s rating to ‘hold’ from its previous ‘buy’ rating and lowered its price target to ₹3,500 from ₹3,900 earlier.

L&T shares were trading 1.08% higher at ₹3,417.3 apiece at 12:10 pm on Wednesday (October 30). The stock has gained 16.87% over the past year.

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