- 10 Feb 2022
- ICICIdirect Research
L&T Construction awarded contract for building, factories businessLT - 2154 Change: -12.15 (-0.56 %)
News: L&T Construction has been awarded (ranging from |1000-2500 crore) contracts for its buildings and factories business. The construction arm of L&T has secured an order from the Bangladesh Hi-Tech Park Authority to construct Hi-Tech IT Parks at eight locations (two packages at four locations each) across Bangladesh. This project is being funded by the Indian EXIM Bank and is the first IT & Office Space order that L&T has secured in Bangladesh.
Views: L&T remains the best way to play the capex recovery theme in India given its strong execution capability, presence across diverse sectors and geographies, which makes its less vulnerable during down cycles. Focus on monetisation of non-core assets, enhancing RoEs and reducing debt makes it an attractive portfolio bet to ride the infrastructure and manufacturing cycle revival theme.