L&T rises after winning 'significant' order

Larsen & Toubro (L&T) rose 1% to Rs 1303.90 after the company's construction arm secured 'significant' orders from prestigious clients for two of its businesses.

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

L&T's power transmission a distribution business has won two transmission line packages in the Kingdom of Saudi Arabia involving design, procurement and construction of 380kV double circuit overhead transmission line corridors for a length of more than 650 KM. These lines are expected to strengthen the grid in the Eastern Region of Saudi Arabia and facilitate power evacuation.

Further, the water & effluent treatment business has secured an EPC order in Gujarat to execute a package in the Saurashtra Narmada Avtaran Irrigation (SAUNI) Yojna Link 3. The project involves survey, design, procurement, laying and jointing of 2500 mm diameter MS pipeline. L&T has already completed 4 packages in the Sauni Yojana for the same client.

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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