L&T gains as unit signs contract for Nagpur smart city project

L&T rose 1.02% to Rs 1,501 at 13:45 IST on BSE after the company's construction arm signed contract with Maharashtra government for Nagpur smart city project.

The announcement was made during trading hours today, 20 October 2016.

Meanwhile, the S&P BSE Sensex was up 170.28 points or 0.61% at 28,154.65

On BSE, so far 71,000 shares were traded in the counter as against average daily volume of 1.61 lakh shares in the past one quarter. The stock hit a high of Rs 1,503.20 and a low of Rs 1,482.05 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past 30 days till 19 October 2016, rising 0.73% compared with 1.89% decline in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 4.53% as against Sensex's 0.99% rise.

The large-cap company has equity capital of Rs 186.47 crore. Face value per share is Rs 2.

L&T announced that L&T Construction's Smart World Communications business unit has signed a formal contract with the Department of Information Technology, Maharashtra Government, under which Nagpur will be converted into the country's first large-scale integrated smart city. The scope of work will cover laying of 1200 km of optical fiber network backbone, creating 136 city wi-fi hotspots at key locations, establishing 100 digital interactive kiosks and developing city surveillance systems with 3800 IP based cameras. Further, as an avant-garde endeavor, the city has identified a strip of approximately six km (from Japanese Garden Square to Orange City Hospital Square) to be developed as a 'Smart Strip' with smart ICT interventions & IOT solutions like smart lighting, smart transport, smart parking, smart bins, etc.

The company has completed detailed surveys of the proposed junctions, smart strip and zonal ring and even procured the requisite approvals for conducting the LiDAR survey for surveillance wi-fi deployment, L&T said in a statement.

L&T's consolidated net profit rose 45.5% to Rs 609.60 crore on 9.3% growth in net sales 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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