L&T to consider share buyback next week, bags bullet train project order

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Infrastructure major Larsen and Toubro's board will meet next week to consider a proposal to buy back shares and payment of a special dividend for FY2023-24, according to a regulatory filing.

The proposals will be taken up at the company's board meeting scheduled for July 25, Larsen & Toubro said in a filing.

The company in a separate filing on Friday announced that its construction unit, L&T Construction, has bagged a 'mega' contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct the 135.45 km stretch MAHSR C3 package which is part of the prestigious Mumbai Ahmedabad High-Speed Rail Project.

The scope for the MAHSR C3 package includes the construction of viaducts, stations, major

river bridges, depots, tunnels, earth structures, stations, and other auxiliary works.

The approximately 508 km Mumbai-Ahmedabad High-Speed Rail project, also called the MAHSR Bullet Train project, will cover 155.76 km in the state of Maharashtra, 4.3 km in the Union Territory of Dadra & Nagar Haveli and 348.04 km in the State of Gujarat with 12 stations along the route.

L&T did not reveal the financial value of the contract but as per its classification, a mega order is worth more than Rs 7,000 crore.

L&T shares soared by around 4 per cent to hit a 52-week high of Rs 2,594.40 on BSE following the mega order win. The stock closed 3.88 per cent higher at Rs 2,586.25 and was the lead gainer among Sensex shares.

The board of L&T will consider for approval its financial results for the first quarter of 2023-24 on July 25.