L&T gains after construction arm bags contract

Larsen & Toubro (L&T) gained 2.8% to Rs 957.05 after L&T Construction secured a 'large' contract for its heavy civil infrastructure business from the civic body of Telangana.

The heavy civil infrastructure business of L&T Construction has secured an order from the Irrigation and Command Area Development Department, Government of Telangana, which is undertaking the Sita Rama Lift Irrigation scheme to irrigate a command area of about 9.36 lakh acres in the districts of Khammam, Kothagudem and Mahabubabad.

The project involves the construction of a 1263 metre long barrage, 65 radial gates with rope drum hoist arrangements and all related mechanical works, construction of 96.4 km of guide bunds and hoisting arrangements on either side of the barrage with protection arrangements across the river Godavari.

As per the L&T's classification, the valuation of the 'large' order stands between Rs 2,500 crore and 5,000 crore.

L&T will announce Q4 results today, 5 June 2020. On a consolidated basis, the company's net profit rose 15.21% to Rs 2,352.12 crore on a 5.87% rise in net sales to Rs 36,242.68 crore in Q3 December 2019 over Q3 December 2018.

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

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