L&T climbs up after its arm wins major order

Larsen & Toubro rose 0.36% to Rs 1,552.25 at 11:00 IST on BSE after the company said that its construction arm, L&T Construction won a major residential order valued at Rs 2903 crore.

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 191.62 points or 0.66% at 29,428.77.

More than normal volumes were traded on the counter. On the BSE, 2.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.3 lakh shares in the past one quarter. The stock had hit a high of Rs 1,554.90 and a low of Rs 1,547 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,177 on 7 April 2016.

The stock had outperformed the market over the past one month till 27 March 2017, rising 5.34% compared with the Sensex's 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 14.19% as against the Sensex's 11.53% rise.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&T said that the buildings & factories business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbai's century-old Bombay Development Division (BDD) chawls for Maharashtra Housing and Area Development Authority (MHADA).

The contract is the largest residential project awarded to L&T Construction till date. The scope of work comprises complete design and construction of twenty residential towers for rehabilitation, four high-rise towers for sale and one commercial development within a plot area of 16 acres along with MEP, finishes, onsite/offsite infrastructure, landscaping, demolition of existing structures and logistics involved in the rehabilitation of the current occupants.

L&T's consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

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

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