L&T gains after large order win

Larsen & Toubro gained 1.8% to Rs 1,337.65 at 10:40 IST on BSE after the company said its construction arm has won orders valued Rs 4033 crore.

The announcement was made during market hours today, 22 May 2018.

Meanwhile, the S&P BSE Sensex was up 115.39 points, or 0.33% to 34,731.52.

On the BSE, 19,000 shares were traded in the counter so far compared with average daily volumes of 1.20 lakh shares in the past two weeks. The stock had hit a high of Rs 1,338.95 and a low of Rs 1,313 so far during the day. The stock hit a record high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 1,107.57 on 30 June 2017.

L&T said that the Buildings & Factories business of L&T Construction has bagged orders worth Rs 4033 crore. Buildings & Factories business has won order from a government client for the design & construction of 1,125 units of residential towers of G+3 floors under PMAY Scheme at Visakhapatnam, Prakasam, Guntur, and Krishna Districts in Andhra Pradesh, to be completed within stringent timelines.

Another order has been secured from a leading cement manufacturer for the construction of cement plants in Odisha and Andhra Pradesh on the design and build model. The business has bagged another turnkey order from a government client in Patna (Bihar) to establish a cancer institute along with the supply, installation and commissioning of medical equipment.

L&T's consolidated net profit surged 48.4% to Rs 1617.88 crore on 10.1% growth in net sales to Rs 28747.45 crore in Q3 December 2017 over Q3 December 2016.

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

Powered by Capital Market - Live News