Daijiworld Media Network – Mumbai

Mumbai, Jul 21: Shares of Larsen & Toubro (L&T) bounced back on Monday after the company announced that its energy subsidiary will set up India’s largest green hydrogen plant at Indian Oil Corporation’s Panipat Refinery in Haryana.

L&T Energy GreenTech Ltd. will develop the project on a build-own-operate basis and supply 10,000 tons of green hydrogen annually to IOCL for the next 25 years. The move aligns with the Centre’s National Green Hydrogen Mission, the company said in a filing to the exchanges.

The hydrogen will be produced using high-pressure alkaline electrolysers manufactured by L&T Electrolysers Ltd. at its Hazira facility in Gujarat. The plant will run round-the-clock on renewable energy, supporting IOCL’s strategy to decarbonise refining operations and contribute to India’s net zero goals.

Following the announcement, L&T’s share price reversed early losses, rising by 0.83% to ?3,497. It was trading at Rs 3,493.30, up 0.81%, at 10:49 am, while the NSE Nifty 50 advanced by 0.35%.

Over the past year, L&T’s stock has declined by 4.32% and is down 3.17% year-to-date. The stock’s relative strength index stood at 38.91, with trading volume significantly above its 30-day average.

According to Bloomberg, out of 34 analysts tracking the stock, 28 have a ‘buy’ rating, four suggest ‘hold’ and two recommend ‘sell’. The 12-month consensus price target indicates a potential 12.9% upside.