At 11:13 am, L&T was the top gainer among S&P BSE Sensex and Nifty 50. In comparison, the benchmark indices were trading flat on the BSE and NSE.
L&T today said the building and factories business of its construction arm has secured a prestigious order for the construction of campus development of IIT Hyderabad Package 3A at Kandi, Telangana.
The company’s metallurgical and material handling business has secured an order from BHEL for Ash Handling Plant (AHP) to be installed at NTPC, Patratu Thermal Power Plant (3x660 MW) located in Jharkhand. While L&T GeoStructure business has secured an order from CMRL for the Central Square underground space development.
L&T on Wednesday said the heavy civil infrastructure business of its construction arm has bagged "large" contracts from Bangalore Metro Rail Corporation.
The engineering and construction company, however, did not provide the exact value of the contract; but as per its project classification, the value of the contracts was in "large" category which is in the range of Rs 2,500 to Rs 5,000 crore.
The water and effluent treatment business of L&T’s construction vertical on Tuesday has secured several orders from government agencies and municipal corporations across three states in India.
The company has classified the order inflow as “major” which, is in the range from Rs 5,000 crore to Rs 7,000 crore.
Thus far in the calendar year 2019, L&T has underperformed the market by falling 9 per cent, as compared to 1.6 per cent rise in the S&P BSE Sensex till Wednesday.
Meanwhile, analysts at JP Morgan have ‘overweight’ rating on L&T with 12-month target price of Rs 1,635 per share.