New Delhi, Feb. 3 -- Larsen & Toubro Ltd's (L&T) shares fell 3% on Saturday, pretty much wiping away the gains it saw the previous day in reaction to the December quarter results (Q3FY25). Positives of Q3 aside, some part of the stock upmove was in anticipation that capital expenditure (capex) allotment could be higher in budget 2025. But a modest uptick in FY26 capex has upset investors. L&T is considered as a proxy to the country's infrastructure developments as government orders form a huge chunk of its order book.

Nonetheless, the company is bracing for a robust March quarter (Q4) as it is well-placed in four-five large orders, amounting to Rs.50,000 crore and some or all of these may get finalized quarter, the management said in Q3 ...