L&T gains after order win

Larsen & Toubro rose 0.54% to Rs 1453.40 at 09:41 IST on BSE after the company said its construction division bagged Rs 1630 crore expressway project in Uttar Pradesh.

The announcement was made during trading hours today, 7 October 2014.

Meanwhile, the BSE Sensex was down 50.65 points, or 0.19%, to 26,517.34.

On BSE, so far 33,000 shares were traded in the counter, compared with an average volume of 2.11 lakh shares in the past one quarter.

The stock hit a high of Rs 1,458.75 and a low of Rs 1,439.80 so far during the day. The stock hit a 52-week high of Rs 1,774.70 on 9 June 2014. The stock hit a 52-week low of Rs 801.20 on 7 October 2013.

The stock had underperformed the market over the past one month till 1 October 2014, falling 8.37% compared with 1.11% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.22% as against Sensex's 4.12% rise.

The large-cap company has an equity capital of Rs 185.65 crore. Face value per share is Rs 2.

The transportation infrastructure business of L&T Construction has won an engineering, procurement and construction (EPC) order worth Rs 1630 crore from the Uttar Pradesh Expressways Industrial Development Authority. The greenfield order is for the construction of six-lane access controlled expressways from Unnao district (village Neval) to Lucknow.

L&T's scope includes design, engineering and construction of the 63km long expressway, including construction of service roads. The contract includes major structures like 18 VUPs (Vehicular Under passes), 4 major bridges, 10 minor bridges, 26 pedestrian underpasses, one trumpet interchange and associated works, The project is scheduled to be completed within 36 months.

This project is likely to spur economic development along the route with trade, agricultural and economic corridors proposed at different places. In addition it will reduce travel time between Lucknow and the National Capital Region (NCR) via the functional Agra-Greater Noida Yamuna Expressway.

L&T's consolidated net profit jumped 110.8% to Rs 966.89 crore on 10.1% growth in net sales to Rs 18974.75 crore in Q1 June 2014 over Q1 June 2013.

L&T is a major Indian multinational in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide. L&T Construction is a brand of L&T.

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