L&T rises on bagging new order

Larsen & Toubro (L&T) gained 0.77% to Rs 1297.40 after L&T Construction won 'significant' contracts for metallurgical & material handling business.

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

The metallurgical & material handling (MMH) business of L&T Construction has secured EPC orders of coal processing plants in the domestic market and a prestigious engineering & procurement project for a metallurgical plant overseas.

The MMH business has also secured new orders from its various customers for products and an add on order from its existing customer.

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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