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L&T gains after bagging contracts

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L&T rose 0.23% to Rs 1,329 after the company's construction arm secured orders from prestigious clients across various Indian states for its varied businesses.

The water and effluent treatment business secured an EPC (engineering, procurement and construction) order from the Public Health Engineering Directorate, West Bengal for water supply to East Medinipur district. The project is funded by Asian Development Bank (ADB).

The transportation infrastructure business secured an EPC order from the Central Organisation for Railway Electrification (CORE) involving electrification of railway lines in Tamil Nadu and Kerala.

The buildings and factories business secured an EPC order of a 300 bedded multi-specialty hospital at Tirupathi, Andhra Pradesh. Additionally, various add-on orders have been received by some of the existing projects in the power transmission and distribution and heavy civil infrastructure (HC) businesses.

The orders fall under "Large" category which ranges between Rs 2,500 crore and Rs 5,000 crore as per its classification of contracts. The announcement was made during market hours today, 15 January 2020.

On the technical front, L&T's RSI (relative strength index) stood at 52.426. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 1,335.88, as well as below its 200 DMA placed at Rs 1,399.58.

L&T's consolidated net profit jumped 25.9% to Rs 2,527.26 crore on 15.2% rise in net sales to Rs 35,328.45 crore in Q2 September 2019 over Q2 September 2018.

L&T is a technology, engineering, construction, manufacturing and financial services company.

The construction major is set to announce Q3 results on 22 January 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 15 2020. 13:27 IST