L&T rides on Highways Authority order

DALAL STREET SPIKES

Construction major Larsen & Toubro (L&T) gained on winning a big order. The stock was up 2.43 per cent to Rs 1,110.9 on back of strong volumes of more than 1.7 lakh shares on BSE. The stock has been gaining momentum of late in anticipation of a positive development.

In a subdued market yesterday, the stock had gained 3.28 per cent indicating that the market had an inkling of the deal in advance.

Market analysts said, construction sector stocks are having a dream run of late on back of healthy order book and impressive performance for the quarter ended March 31. L&T announced of bagging an order worth Rs 278 crore from the National Highways Authority of India (NHAI).

The Asian Development Bank-funded project was secured against international competition, involves upgrading and four-laning of a 70 km section of NH 76 in Rajasthan. The project is expected to be completed by the company's construction division - ECC in the next 30 months.