L&T gains on bagging significant contracts

Larsen & Toubro (L&T) rose 0.73% to Rs 939.95 after the company said L&T Construction bagged significant contracts for its power transmission & distribution business.

The power transmission & distribution business of L&T Construction has bagged orders in India and abroad. The business has won an order to modernize the power distribution network in a subdivision of Bengaluru Metropolitan Area Zone. Similar distribution network strengthening orders have been received in the northern and western parts of the subcontinent as well.

The business has also bagged orders to establish 220kV, 132kV Substations and 132kV cable networks in India, the Middle East and Africa. In a consortium, another order has been secured for the rehabilitation of substations and transmission lines associated with hydropower plants in Myanmar. Additional orders have been received in ongoing substation, transmission line and renewable energy jobs in India.

As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1,000 crore and 2,500 crore. The announcement was made during market hours today, 20 April 2020.

On a consolidated basis, the company's net profit rose 15.21% to Rs 2,352.12 crore on a 5.87% rise in net sales to Rs 36,242.68 crore in Q3 December 2019 over Q3 December 2018.

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

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