L&T inches up after securing large contract

L&T rose 0.47% to Rs 1,495 at 9:16 IST on BSE after the company's construction arm along with its JV partner in Qatar has signed a contract to build a 40,000 seater stadium.

The announcement was made after market hours yesterday, 7 June 2016.

Meanwhile, the S&P BSE Sensex was up 47.33 points or 0.18% at 27,057.

On BSE, so far 1,364 shares were traded in the counter as against average daily volume of 3.68 lakh shares in the past two weeks. The stock hit a high of Rs 1,501.80 and a low of Rs 1,491.95 so far during the day. The stock had hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016.

L&T announced that its construction arm along with its JV partner in Qatar, Al Balagh Trading & Contracting, has signed a contract to build a 40,000 seater stadium, as part of the sports infrastructure being readied by the Emirate in preparation of the 2022 Fifa World Cup. The contract for the project is for a combined value of $360 million for both JV partners and is slated to be completed by 2019. The scope for the stadium includes main works and construction of the site, following completion of the enabling works, L&T said in a statement. The announcement was made after market hours yesterday, 7 June 2016.

L&T's consolidated net profit rose 18.6% to Rs 2453.64 crore on 17.6% rise in total income to Rs 33423.78 crore in Q4 March 2016 over Q4 March 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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