Larsen & Toubro gains after order win

Larsen & Toubro was up 0.24% to Rs 1508.50 at 13:01 IST on the BSE after the company said its construction arm secured orders from clients in Sri Lanka and from within India.

The announcement was made during market hours today, 19 June 2019.

Meanwhile, the S&P BSE Sensex was up by 154.55 points, or 0.40% to 39,200.89.

On the BSE, 48,000 shares were traded in the counter so far compared with average daily volumes of 1.73 lakh shares in the past two weeks. The stock had hit a high of Rs 1529.15 and a low of Rs 1502 so far during the day. It hit a 52-week high of Rs 1606.70 on 28 May 2019 and a 52-week low of Rs 1183.40 on 23 October 2018.

L&T Construction bagged an EPC order from the National Water Supply & Drainage Board for the execution of the Kundasale Haragama water supply project in Sri Lanka's Kandy district. The order falls under "Significant" category which ranges between Rs 1000 crore and Rs 2500 crore as per its classification of contracts.

Moreover, the GeoStructure business has secured an order from BPCL for ground improvement of tank foundation area, using stone columns of 800mm dia and around 1.6 lakh RM, at Krishnapatnam, Andhra Pradesh. The business has secured another order from CMRL for construction of balance works of cut and cover section in the Phase 1 extension works. Various add-on orders have been secured across different businesses for some of their existing projects.

On a consolidated basis, Larsen & Toubro's net profit rose 7.9% to Rs 3418.24 crore on a 10.5% rise in the net sales to Rs 44933.96 crore in Q4 March 2019 over Q4 March 2018.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 20 billion in revenue. It operates in over 30 countries worldwide.

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