L&T classifies orders in the ₹1,000 crore to ₹2,000 crore range as ‘significant’ and in the ₹2,500 crore to ₹5,000 crore range as ‘large’.
The company said the first contract involved the development of a new road connecting Al Khail Road with the extension of Latifa Bint Hamdan Street, along with construction of bridges, tunnels and associated road works. It said this would enhance connectivity between Al Khail Road, Latifa Bint Hamdan Street and Al Meydan Street and improve access to nearby development areas.
The second contract was for the development of parts of Al Meydan Street, including the construction of a new interchange and associated at-grade roads to serve development projects in the area and improve traffic flow. The scope also includes the construction of a new cycling track connecting it with the existing cycling network and contributing to an integrated route from Al Qudra to Jumeirah, L&T added in its exchange filing.
Both projects are scheduled to be completed by 2028-end, post which the overall Latifa Bint Hamdan Corrior will extend approximately 12 km and strengthen connectivity between Dubai’s key road corridors, including Sheikh Zayed Road, Al Khail Road, Al Meydan Street, Sheikh Mohammed bin Zayed Road, Sheikh Zayed bin Hamdan Al Nahyan Street and Emirates Road, L&T said.
The corridor is expected to accommodate around 16,000 vehicles per hour in both directions and over 1.3 lakh trips per day. It will also reduce travel time between Umm Al Sheif Street and Emirates Road from 33 minutes to 15 minutes, the company added.
Last week, L&T received its highest-ever price target of ₹5,060 per share from brokerage firm JPMorgan.
As per the brokerage, while the conflict in West Asia is an overhang on the L&T stock, its business is being positioned for mid-teens growth with healthy return on equity in traditional and emerging areas. It said L&T’s valuation was at least less than 25 times its price-to-earnings ratio, which was attractive.L&T told CNBC-TV18, post its June quarter earnings, that the quarter’s operating environment was volatile and geopolitical developments led to supply chain disruption.
JPMorgan is among the three of 32 analysts that have target pries of ₹5,000 and above for L&T — ICICI Direct and Jefferies both have target prices of ₹5,000.
Shares of L&T are trading 0.2% lower on Wednesday at ₹3,740.5. The stock is now down 10% so far this year.
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