Shares of Larsen and Toubro Ltd (L&T) fell 3.5% on 24th February after touching a day’s high of Rs 4,440, even as the company said its heavy civil infrastructure and heavy engineering verticals have jointly secured a ‘significant’ order from the Centre’s Department of Atomic Energy to set up the LIGO India Observatory.
L&T classifies projects worth between Rs 1,000 crore and Rs 2,500 crore as ‘significant’.
The LIGO India Observatory will be built at Aundha in Hingoli district, Maharashtra. The Laser Interferometer Gravitational Wave Observatory (LIGO) is designed to detect gravitational waves triggered by major cosmic events using large-scale laser-based detectors.
This project is one of India’s flagship mega science initiatives. It is being developed in collaboration with leading Indian research institutions, including RRCAT and IPR, as well as the US-based LIGO Laboratory, supported by Caltech and MIT.
L&T’s scope includes engineering, procurement and construction of highly specialised, vibration-sensitive civil infrastructure. It will also manufacture and install an 8 km ultra-high-vacuum beam tube system, along with critical vacuum equipment. In addition, the company will integrate mechanical, electrical, HVAC, fire protection, vacuum control, monitoring systems and other utilities. The project is scheduled to be completed within 48 months.
Separately, L&T’s management has retained its full-year guidance. It expects to exceed its 10% order inflow growth target and has maintained its revenue growth guidance of 15% and core margin guidance of 8% for the year.
At 2:59 PM, shares of L&T were trading 3.61% lower at Rs 4,258.40 on the NSE.
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