L&T advances after large order win

L&T rose 1.58% to Rs 1,240.50 at 09:25 IST after the company's unit L&T Construction bagged a Rs 8650-crore order to build Mumbai Trans Harbour Link.

The announcement was made on Saturday, 18 November 2017.

Meanwhile, the S&P BSE Sensex was up 91.23 points or 0.27% at 33,434.03.

On the BSE, 42,000 shares were traded in the counter so far, compared with average daily volumes of 1.88 lakh shares in the past one quarter. The stock had hit a high of Rs 1,248.45 and a low of Rs 1,236 so far during the day. The stock had hit a record high of Rs 1,274 on 10 November 2017. The stock had hit a 52-week low of Rs 868 on 23 December 2016.

The large-cap company has equity capital of Rs 280.11 crore. Face value per share is Rs 2.

Engineering and construction major Larsen & Toubro (L&T) said that the heavy civil infrastructure business vertical of L&T Construction bagged an order worth Rs 8650 crore from Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Mumbai Trans Harbour Link (MTHL), packages 01 and 03. The project involves construction of a 21.80 Km bridge connecting Mumbai mainland with Navi Mumbai.

The proposed Mumbai Trans Harbour Link will serve as an economic gateway to Navi Mumbai connecting to Nhava Sheva Port, the Mumbai Pune Expressway and the Mumbai Goa Highway.

S N Subrahmanyan, CEO and MD, Larsen & Toubro said that being a city with a very large population, Mumbai requires a number of important infrastructure to meet its ever-increasing needs and the company is delighted to have bagged this very crucial mandate that will significantly improve connectivity in and around Mumbai.

L&T's consolidated net profit surged 31.86% to Rs 2020.30 crore on 4.96% rise in total income to Rs 26984.79 crore in Q2 September 2017 over Q2 September 2016.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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