Larsen & Toubro shares gain nearly 7 pc as construction arm wins 'large' water management orders

Shares of Larsen & Toubro on Monday advanced nearly 7 per cent after the company said its construction arm has won 'large' water management orders in Karnataka.

The scrip jumped 6.57 per cent to close at Rs 865.70 on the BSE. During the day, it rallied 7.34 per cent to Rs 872.

At the NSE, it climbed 6.47 per cent to close at Rs 865.45.

It was the top gainer on both Sensex and Nifty.

In terms of volume, 4.09 lakh shares were traded at the BSE, while about 94 lakh shares changed hands on the NSE during the day.

Though it did not specify the exact value of the contract, as per the company specification a large contract ranges between Rs 2,500 crore and Rs 5,000 crore.

"The Water & Effluent Treatment Business of L&T Construction has secured three Engineering Procurement Construction (EPC) Water Management orders from the Karnataka Urban Infrastructure Development and Finance Corporation (KUIDFC)," the company said in a statement.

It said the contracts are for Design, Build, Operate, Maintain and Transfer of water supply systems in Hubballi Dharwada, Kalaburagi and Belagavi cities of Karnataka.

The projects are largely funded by the World Bank.