Larsen & Toubro gains 5% on winning 'major' contracts, fund raising plan

In the past five trading days, L&T's stock has gained 10 per cent, as compared to 8.9 per cent rise in the S&P BSE Sensex

Shares of Larsen & Toubro (L&T) rose 5 per cent to Rs 853 on the BSE on Monday after the company announced that it has won major contracts for its power transmission & distribution business. The stock was trading higher for the fifth straight day.

The board of the construction & engineering major also approved long-term borrowing of up to Rs 9,000 crore, either through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate.

L&T announced major award wins in the power transmission and distribution business, which includes sub-station works in Egypt