L&T gains after order win

Larsen & Toubro announced that the buildings and factories business of L&T Oman has been awarded the main works contract of The Mandarin Oriental, Muscat by Eagle Hills, Muscat.

The scrip rose 1.34% to Rs 1375.60 at 09:58 IST on BSE.

Meanwhile, the S&P BSE Sensex was up 134.76 points or 0.36% to 37,280.21.

The company said that the project involves the construction of the Mandarin Oriental Hotel Muscat and the residences at the Mandarin Oriental, Muscat.

Larsen & Toubro (L&T) will oversee the overall construction within the site, which includes a 150-key hotel and 156 units of branded residences, as well as 1,622 square meters of retail areas, podium and basement.

L&T will also undertake the associated external works, services, and hard and soft landscaping works.

The order falls in the 'significant' category whose valuation lies between Rs 1,000 to Rs 2,500 crore.

The business has also secured an add-on order to construct a residential tower for a leading developer in Hyderabad.

On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 2.22 lakh shares in the past two weeks. The stock hit a high of Rs 1376.95 and a low of Rs 1356.8 so far during the day.

The stock hit a 52-week high of Rs 1,606.7 on 28 May 2019. The stock hit a 52-week low of Rs 1,183.4 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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