L&T gains after winning contract to convert Nagpur into smart city

L&T gained 0.66% to Rs 1,498.25 at 10:40 IST on BSE after the company won a contract from the Maharashtra state government to convert Nagpur into an integrated smart city.

The announcement was made during market hours today, 16 August 2016.

Meanwhile, the BSE Sensex was up 26.71 points, or 0.09%, to 28,190.97.

On BSE, so far 17,873 shares were traded in the counter, compared with an average volume of 2.13 lakh shares in the past one quarter. The stock hit a high of Rs 1,499.85 and a low of Rs 1,474 so far during the day. The stock hit a 52-week high of Rs 1,818.85 on 19 August 2015. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had underperformed the market over the past one month till 12 August 2016, falling 5.08% compared with 1.24% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 12.96% as against the Sensex's 9.16% rise.

The large-cap company has an equity capital of Rs 186.43 crore. Face value per share is Rs 2.

The scope of work in phase 1 of the Nagpur smart city project includes laying of 1,200 kilometers of optical fiber network backbone, creating 136 city wifi hotspots at key locations, establishing 100 digital interactive kiosks and developing city surveillance systems with 3,800 IP based cameras. Further, the city has identified a strip of approximately 6 kilometers from Japanese Garden Square to Orange City Hospital Square to be developed as a 'Smart Strip' with state-of-the-art systems powered by smart ICT interventions like smart transport, solid waste management. smart lighting, etc. which can be leveraged in a phased manner to ultimately cover the entire city.

The Nagpur smart city project will be executed by L&T's Smart World & Communications business vertical.

L&T's consolidated net profit rose 45.5% to Rs 609.60 crore on 9.3% growth in total income to Rs 21718.61 crore in Q1 June 2016 over Q1 June 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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