L&T rises after securing orders

Larsen & Toubro (L&T) rose 1.14% to Rs 1,365.10 after the company said its construction arm secured 'significant' orders for its various businesses.

As per L&T's classification, the valuation of the 'significant' contract lies between Rs 1000 crore to Rs 2500 crore.

L&T Construction's Metallurgical and Material Handling (MMH) business received orders to construct a metallurgical plant in the domestic market, add on orders from an overseas package and product supply orders from various customers. L&T said traction in metal prices gives a good outlook for the business in the near and medium term.

L&T's Power Transmission & Distribution business won an Engineering, Procurement, Construction and Commissioning (EPCC) contract to construct a 500kV transmission line in Malaysia that comes at the heels of the successful completion of a similar 500kV project in West Malaysia. The proposed overhead line will facilitate power evacuation from an upcoming combined cycle power generating facility in the region.

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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