Larsen and Toubro shares jump nearly 5% as firm plans pellet, DRI plant in MENA region

Larsen and Toubro shares jump nearly 5% as firm plans pellet, DRI plant in MENA region

Larsen and Toubro shares jumped nearly 5 percent in trade today as the firm announced its plans to set up a pellet and a direct reduction of iron plant (DRI) in the Middle East & North Africa (MENA) region.

The project will be set up as part of a major order worth around Rs 5,000 to 10,000 crore bagged by a leading steel player earlier, L&T said in an exchange filing.

Shares of Larsen and Toubro Ltd jumped 4.85 percent to an intraday high of Rs 3,449 per share. The stock settled 4.27 percent higher at Rs 3,429.70 apiece.

"The scope of work includes design-build pellet and DRI plants encompassing engineering, supply, erection and construction works based on globally acclaimed technologies," the company said.

The project will be set up by the Minerals & Metals (M&M) business vertical of L&T in the Middle East & North Africa (MENA) region.

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