L&T gains after major construction order from CIDCO

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Larsen & Toubro rose 1.10% to Rs 1343 at 10:33 IST on BSE after the company said secured a major contract to construct residential project in Navi Mumbai.

The buildings & factories business of L&T Construction has secured a residential project from the City and Industrial Development Corporation of Maharashtra (CIDCO) to construct 23,432 dwelling units with on-site infrastructure works at various locations in Navi Mumbai. The project, being part of the Pradhan Mantri Awas Yojana (PMAY), envisages construction of economically weaker section (EWS) and low-income group (LIG) type of dwelling units. The building configurations vary from 13 to 20 storeys. This is a fast track project to be completed within stringent timelines.

The order falls in the 'major' category whose valuation lies between Rs 5,000 to Rs 7,000 crore.

In a separate announcement, the company announced that Mr. Akhilesh Krishna Gupta, independent director who was appointed for a term of five years from 9 September 2014 to 8 September 2019 has ceased to be a director of the company on account of completion of his term of office.

Meanwhile, the S&P BSE Sensex was up 133 points or 0.36% to 37,114.44.

On the BSE, 39223 shares were traded in the counter so far compared with average daily volumes of 21 lakh shares in the past one quarter. The stock hit a high of Rs 1343.2 and a low of Rs 1323.9 so far during the day.

The stock hit a 52-week high of Rs 1606.7 on 28 May 2019. The stock hit a 52-week low of Rs 1183.4 on 23 Oct 2018.

On a consolidated basis, L&T's net profit rose 26.5% to Rs 1537.10 crore on a 9.7% increase in net sales to Rs 29635.95 crore in Q1 June 2019 over Q1 June 2018.

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

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