L&T inches up after securing contracts

Larsen & Toubro rose 0.29% to Rs 1371.75 at 10:58 IST on BSE after the company said its construction arm has secured significant contracts from prestigious clients across different states in India.

The announcement was made during trading hours today, 28 March 2019.

Meanwhile, the S&P BSE Sensex was up 157.99 points, or 0.41% to 38,290.87.

On the BSE, 29,000 shares were traded in the counter so far compared with average daily volumes of 3.21 lakh shares in the past two weeks. The stock had hit a high of Rs 1376.80 and a low of Rs 1365 so far during the day. The stock hit a 52-week high of Rs 1,459.10 on 21 December 2018. The stock hit a 52-week low of Rs 1,183.40 on 23 October 2018.

Larsen & Toubro (L&T) said the smart world and communication (SWC) business has secured an order as a master system integrator (MSI) to implement pan-city ICT solutions and design and construct a city operations centre (COC) for the city of Tirupati from the Tirupati Smart City Corporation.

The buildings and factories business secured a design & build lump sum turnkey project from a top Indian energy company for the construction of transit storage yard, material receiving and dispatch center facility at Kakinada, Andhra Pradesh. The facility is spread across an area of 8 lakh square feet, that has to be completed in a stringent timeline of 24 months.

The power transmission and distribution business has secured engineering, procurement and construction orders in India and abroad.

The company said the contracts fall under "significant" category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts.

L&T's consolidated net profit rose 37.02% to Rs 2041.62 crore on 24.22% rise in net sales to Rs 35708.87 crore in Q3 December 2018 over Q3 December 2017.

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

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