Latest Stock Market Updates: L&T Wins Project from ONGC | Niva Bupa Files for IPO | Top Buzzing Stocks Today

L&T Wins Project from ONGC, Niva Bupa Files for IPO: Top Buzzing Stocks Today

In a significant development, Larsen & Toubro Ltd. (L&T) has secured an order from ONGC for the eighth phase of the Pipeline Replacement Project off India’s west coast. The order, classified as significant, involves the engineering, procurement, construction, installation, and commissioning of 129-km subsea pipelines and associated modification work across ONGC’s offshore fields.

The order value is estimated to be in the range of Rs 10 to Rs 25 billion. This win reflects ONGC’s continued confidence in L&T’s capabilities, given the company’s track record of successfully delivering complex offshore projects.

Looking ahead, L&T expects to secure 10% more orders in the financial year 2025 compared to the previous year. The company also anticipates a 15% growth in its topline, although it has guided for margins to be at 8.25% for the financial year 2025.

Meanwhile, Indian health insurer Niva Bupa has filed for an initial public offering (IPO) to raise up to Rs 30 billion. The IPO will include fresh shares worth up to Rs 8 billion, with existing shareholders also selling shares worth up to Rs 22 billion. The proceeds from the offering will be used to strengthen the company’s balance sheet and for operating expenses.

The IPO market in India has been booming, with more than 100 companies raising around US$ 4 billion so far this year. Niva Bupa’s decision to go public reflects the growing interest in the Indian stock market.

Overall, these developments highlight the positive momentum in the Indian equity markets, with companies like L&T and Niva Bupa making strategic moves to capitalize on opportunities and drive growth. Investors will be closely watching these developments as they unfold in the coming days.