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L&T gains on signing contract with NHSRCL

Capital Market 

Larsen & Toubro (L&T) rose 0.75% to Rs 1127.85 after the company signed contract agreement with the National High Speed Rail Corporation to design and construct 237 km length of viaduct in Gujarat.

The National High Speed Rail Corporation (NHSRCL) signed contract agreement with L&T on 26 November 2020 for the design and construction of 237 km length of viaduct between Vapi and Vadodara in Gujarat for 508 kms of Mumbai-Ahmedabad High Speed Rail corridor.

The contract also includes four stations namely Vapi, Billimora, Surat and Bharuch, Surat Depot, 14 river crossings, 42 road crossings and 6 railway crossings including one mountain tunnel of 350 metres.

The letter of acceptance was issued on 28 October 2020. The duration for completion of the works is four (4) years from the date of commencement of the contract.

L&T is an Indian technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.

On a consolidated basis, the company's net profit surged 118.43% to Rs 5520.27 crore on 12.15% decline in net sales to Rs 31034.74 crore in Q2 September 2020 over Q2 September 2019.

In the past one month, the stock has gained 14.90% while the benchmark S&P BSE Sensex added 9.09% during the same period.

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

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First Published: Fri, November 27 2020. 14:15 IST