L&T spurts after bagging order from Tata Steel

Larsen & Toubro (L&T) jumped 3.29% to Rs 1116.80 after the company's construction and mining equipment business has secured an order from Tata Steel to supply 46 units of Komatsu mining equipment.

The order comprises of 41 units of Komatsu HD785-7 (100 Ton Dump Truck), three units of Komatsu Wheel Loader and two units of Komatsu (410HP Crawler Dozer). The scope also includes supply of equipment and full maintenance contract for 60,000 hours of equipment operation.

L&T said 26 of these 46 units will be deployed at Tata Steel's iron ore mines at Joda, Noamundi and Khondbond in Odisha, while 20 units of Komatsu 100 ton dump trucks will be deployed at Tata Steel's West Bokaro Coal Mines in Jharkhand.

Commenting on this order, S. N. Subrahmanyan, CEO & MD of Larsen & Toubro said Komatsu's superior products and L&T's seamless support over the years, paved the way for securing this prestigious order and we look forward to partnering India's largest steel producer - Tata Steel, in their growth journey.

Shares of L&T have climbed 5.45% in two days. L&T is an Indian technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.

On a consolidated basis, the company's net profit surged 118.43% to Rs 5520.27 crore on 12.15% decline in net sales to Rs 31034.74 crore in Q2 September 2020 over Q2 September 2019.

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