The announcement was made during trading hours today, 7 December 2012.
Meanwhile, the BSE Sensex was up 28.73 points, or 0.15%, to 19,515.53.
On BSE, 42,000 shares were traded in the counter as against an average daily volume of 2.21 lakh shares in the past one quarter.
The stock hit a high of Rs 1,688.90 and a low of Rs 1,674 so far during the day. The stock had hit a 52-week high of Rs 1,719.50 on 29 October 2012. The stock had hit a 52-week low of Rs 971 on 21 December 2011.
The stock had underperformed the market over the past one month till 6 December 2012, rising 0.49% compared with the Sensex's 3.56% rise. The scrip had, however, outperformed the market in past one quarter, jumping 27.05% as against Sensex's 12.34% rise.
The large-cap engineering and construction company has equity capital of Rs 122.98 crore. Face value per share is Rs 2.
L&T said the projects will be funded by an ICICI Bank-led consortium. The turnkey engineering procurement construction (EPC) contracts for the projects have been awarded to L&T, the company added.
The projects involve development (four laning) of contiguous stretches on national highway (NH)-6 - Amravati to Jalgaon and Jalgaon to the Gujarat / Maharashtra border. The length of these stretches on NH-6 are approximately 275 kilometre (km) and 209 km respectively with the concession period for the prejects being 19 years and 20 years respectively, including the construction period 2.5 years. These are among the longest road projects in the country, bid out on design, build finance, operate, transfer (DBFOT) basis, L&T said.
The company said that the National Highways Authority of India's (NHAI) estimate of the project costs are Rs 2537.81 crore for the Amravati - Jalgaon stretch and Rs 1968.37 crore for the Jalgaon to Gujarat / Maharashtra border stretch. Both are part of the East-West connector, linking hubs of economic activity in Gujarat and Maharashtra to the mineral-rich states of Orissa and Chattisgarh.
L&T Infrastructure Development Projects (L&T IDPL) has one of the largest project portfolios in the road sector in India comprising approximately 9200 lane km with a project cost of Rs 22000 crore. L&T IDPL's portfolio of road projects includes some of the most economically significant and high traffic corridors connecting important industrial towns in India.
L&T's net profit rose 42.5% to Rs 1137.31 crore on 17.4% growth in net sales to Rs 13195.23 crore in Q2 September 2012 over Q2 September 2011.
L&T is a $13.5 billion technology, engineering, construction, manufacturing and financial services conglomerate with global operations.
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