L&T shares jump on US Navy master ship repair agreement

Larsen & Toubro’s (L&T) state-of-the-art Kattupalli Shipyard near Chennai has been undertaking voyage repairs of the Military Sealift Command vessels. The Shipyard qualified for the Master Shipyard Repair Agreement (MSRA) after an extensive evaluation by the US Navy and the Military Sealift Command. This is equal to performing battleship refits, for which the Shipyard has previously received approval from the Indian Navy and Coast Guard. This is the third US ship coming to L&T Shipyard for voyage repairs. The deal is just another milestone in the expanding cooperation between the world’s largest and oldest democracies, boosting their strategic partnership in the security industry.  

L&T’s Kattupalli Shipyard is equipped with a heavy ship-lift, multiple dry berths, and wet berths to concurrently enable building of new ships and undertaking repairs and refits. “It will not only be able to undertake quality ship repair jobs and refits on the vessels of the US Navy and the Military Sealift Command, but L&T’s global network of offices and facilities will contribute towards logistics support in supply chain management 

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. The shares are currently trading at Rs 2,460.00, up by 15.55 points or 0.64% from its previous closing of Rs 2,444.45 on the BSE. The scrip opened at Rs 2,454.65 and has touched a high and low of Rs 2,478.35 and Rs 2,451.60 respectively. So far 29,274 shares were traded on the counter. 

The BSE group ‘A’ stock of face value of Rs 2 has touched a 52-week high of Rs 2,503.00 on 07-Jul-2023 and a 52-week low of Rs 1,633.75 on 14-Jul-2022. Last one week high and low of the scrip stood at Rs 2,503.00 and Rs 2,419.95 respectively. The current market cap of the company is Rs 3,45,714.67 crore. The Institutions and Non-Institutions held 63.34% and 36.65% stake in the company respectively.

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