Ahead Of Inauguration In Ayodhya, Shares Of Ram Mandir Maker L&T Soar To An All Time High

With preparations for Ram Mandir¡¯s grand inauguration in full swing, the city of Ayodhya is gearing up to welcome thousands of guests and devotees. Ahead of the highly anticipated ceremony, some stocks associated with the temple are witnessing a mega boom. One such stock is of Larsen & Toubro (L&T), which in 2020 had bagged the project to construct the Ram Mandir in Ayodhya.

Vanya GautamUpdated: Jan 17, 2024, 11:07 IST
4 min read
l&t ram mandir construction
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With preparations for Ram Mandir¡¯s grand inauguration in full swing, the city of Ayodhya is gearing up to welcome thousands of guests and devotees. Ahead of the highly anticipated ceremony, some stocks associated with the temple are witnessing a mega boom. One such stock is of Larsen & Toubro (L&T), which in 2020 had bagged the project to construct the Ram Mandir in Ayodhya.

Ram Mandir Maker L&T's Shares Hit An All Time High

larsen toubro ram mandir construction larsen toubro ram mandir construction/ndtv

The shares of engineering and construction giant L&T have hit its new all time high of ?3605.55 (on NSE) and ?3605.70 (on BSE) this week. L&T's market cap at present stands at ?4.92 lakh crore.

Ever since November 2020, when L&T bagged the ¡®Shri Ram Janmabhoomi Temple¡¯ project for the construction of the Ram Mandir in Ayodhya, the stock has witnessed a strong uptrend. L&T share price jumped from ?1,080 on November 17, 2020 to ?3,578 on January 17, 2024, indicating a 231% jump in this period.

ram mandir construction l&t ram mandir construction l&t/HT

It was on November 16, 2020, when the temple construction committee set up by the Shri Ram Janmabhoomi Teerth Kshetra Trust appointed engineering and construction giant L&T along with Tata Consultancy Engineers as the design & build contractor and project manager consultant for the development of Ram Mandir in Ayodhya.

Also Read: List Of India's Richest Temples & Their Networth Ahead Of Ram Mandir Inauguration

L&T Also Bags ?10,000 Crore Rail Project

l&t share price all time high l&t share price all time high/reuters

Just a handful of days before the inauguration of Ram Mandir in Ayodhya, Larsen & Toubro (L&T) has announced that it has won a large contract to build an electrification system for the Mumbai-Ahmedabad High-Speed rail project in India from a recognised Japanese agency. Executives from the company estimate that the project is worth between Rs 10,000 and Rs 15,000 crore, making it the biggest rail electrification order in India. According to the company, this would be the first railway project in India of its kind to use Japanese Shinkansen technology.

Also, the ¡®Statue of Unity¡¯ in Gujarat and the Lotus Temple In Delhi were built by L&T.

Other Stocks That Are Booming Ahead Of Ram Mandir Inauguration

tourism stocks surge ahead of ram mandir inauguaration tourism stocks surge ahead of ram mandir inauguaration/makemytrip

Besides L&T, many other stocks associated with the Ram Mandir inauguration are witnessing a boom.

1.Apollo Sindoori Hotels

Shares of Chennai-based Apollo Sindoori Hotels are enjoying a bull run ahead of Ram Mandir's inauguration. The hospitality service management and support services company is building a multi-level parking facility in Ayodhya to accommodate visitor vehicles in Tedhi Bazar. Its shares have jumped nearly 50% this month.

2.Praveg

The second biggest gainer among the tourism stocks this month is event & exhibition management company Praveg, Shares of Praveg, which runs luxury tents in tourist places in India, have soared 35% already in January. The company had opened a luxurious resort along the Brahma Kund at Ayodhya in November last year.

3.Genesys

Another stock that has been gaining big ahead of Ram Mandir inauguration, is digital mapping technology solutions provider Genesys International. Genesys shares have surged 10% this month after its product was chosen as the official map of Ayodhya city by the Ayodhya Development Authority.

4.IRCTC

IRCTC, which provides ticketing, catering, and tourism services for the Indian Railways, is also among the stocks riding high. This is because millions of people, whether guests or devotees are expected to travel to Ayodhya ahead and also after the Ram Mandir inauguration. IRCTC shares are up 5.5% this month and more than 45% in last one year.

5.IHCL

Another stock seen as a beneficiary of the travel boom in coming months in Ayodhya, is Tata Group's Indian Hotels Company Ltd (IHCL). IHCL stock is up nearly 7% this month, and more than 50% in last one year. IHCL stock is expected to boom in the long term as its properties are slated to come up only in early 2027 in Ayodhya. IHCL has also signed two greenfield hotels in Ayodhya under the Vivanta and Ginger brands.

Also Read: Property Prices Soaring In Ayodhya Ahead Of Ram Mandir Inauguration

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here

21/11/2024 4:50:48
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