L&T gains after achieving financial closure for road projects in Maharashtra

L&T Infrastructure Development Projects, a subsidiary of L&T achieved financial closure for two of its road projects in Maharashtra.

Larsen and Toubro (L&T) has moved higher by 1.2% at Rs 1,694 after the company said that its subsidiary company achieved financial closure for two of its road projects in Maharashtra.

“L&T Infrastructure Development Projects, a subsidiary of the company achieved financial closure for two of its road projects in Maharashtra on 30 November 2012,” L&T said in a statement.

“The National Highways Authority of India's (NHAI) estimate of the project costs is Rs 2,538 crore for the Amravati - Jalgaon stretch and Rs 1,968 crore for the Jalgaon to Gujarat / Maharashtra border stretch. Both are part of the East-West connector, linking hubs of economic activity in Gujarat and Maharashtra to the mineral-rich states of Orissa and Chattisgarh,” it added.

The stock opened at Rs 1,680 and hit a high of Rs 1,699 after the announcement on the BSE. A combined around 599,000 shares have changed hands on the counter till early noon deals on both the exchanges.