L&T spurts on winning large contracts

Larsen & Toubro (L&T) jumped 5.89% to Rs 960.65 after the company's construction arm secured large orders for its varied businesses.

The transportation infrastructure business has secured an EPC contract to construct Packages 11 and 22 of the Delhi Vadodara Expressway. The business has secured another EPC contract from the Public Works (Roads) Directorate, Government of West Bengal for the reconstruction of 4 lane Tallah ROB (Hemanta Setu) adjacent to Tallah Railway Station on Barrackpore Trunk Road, Kolkata, West Bengal.

The water & effluent treatment business of L&T Construction has secured engineering, procurement and construction orders from State Water & Sanitation Mission, Uttar Pradesh, to implement water supply schemes for Shivhar and Parasi group of villages in Mahoba and Sonbadhra districts respectively.

As per the L&T's classification, the valuation of the 'large' order stands between Rs 2,500 crore and 5,000 crore. The announcement was made during market hours today, 23 June 2020.

On the technical front, the stock's RSI (relative strength index) stood at 62.989. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 879.96 and its 200-day moving average (DMA) placed at 1,180.73.

L&T's consolidated net profit fell 12.8% to Rs 3,415.84 crore on 2.2% rise in net sales to Rs 44,245.28 crore in Q4 March 2020 over Q4 March 2019.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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