L&T gallops on bagging orders

Larsen & Toubro (L&T) surged 5.41% to Rs 1259 after the EPC major's construction arm secured 'significant' orders for its various businesses.

As per L&T's classification, the valuation of the 'significant' contract lies between Rs 1,000 to 2,500 crore.

The building & factories (B&F) business unit's residential business has received an add-on order from a reputed developer for the core & shell works of two wings of a tower in addition to the non-tower area works.

The business has also secured a design & build order from a reputed client to construct a multi-specialty hospital at Nagpur.

The IT & office space business has received an order from a reputed client for the civil shell & core works of a mixed used building at Bengaluru.

Further, the power transmission & distribution business secured another package to provide electrical & mechanical systems for tunnels in the Udhampur Srinagar Baramulla rail link project. The scope of the package involves 33kV & 11kV HT power cable network, GIS substation, DG sets, tunnel lighting, ventilation & firefighting systems and SCADA system. Another underground cabling package has been secured to improve the reliability of power supply in a South Indian city. The business has also secured add-on orders from its existing customers.

L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue.

On a consolidated basis, the company's net profit surged 118.43% to Rs 5,520.27 crore on 12.15% decline in net sales to Rs 31,034.74 crore in Q2 September 2020 over Q2 September 2019.

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