L&T Shares Dip Amid Kuwait Tender Uncertainty, JM Financial Trims Order Forecast

• L&T shares extended their fall for the fifth consecutive session on January 14 due to uncertainty surrounding Kuwaiti oil project tenders.
• Kuwait is reportedly considering canceling $8.7 billion worth of oil project tenders after bids exceeded budget, impacting L&T's order inflow visibility.
• L&T clarified that the projects mentioned in media reports were not part of its current order book and declined to comment on client decisions.
• JM Financial cut L&T's core order inflow estimates by 5-6% for FY26-28, citing potential delays or cancellations in Kuwaiti tenders.
• Despite the trimmed forecast, JM Financial maintained a 'Buy' rating with a target price of Rs 4,500, expecting L&T to meet its FY26 order inflow growth guidance.

Why It Matters: L&T shares fell due to uncertainty over Kuwaiti tenders, leading JM Financial to trim order forecasts.