Larsen & Toubro rose 1.09% to Rs 1,301 after the company said its power business won significant order from NTPC.
The power business of Larsen & Toubro (L&T) has bagged engineering, procurement and construction (EPC) order from NTPC to set up Flue Gas Desulphurisation (FGD) system at Vindhyachal Super Thermal Power Station, Stage-I & II (6x210 MW& 2x500 MW) in Madhya Pradesh. This is in continuation to the order received for Stage III & IV (2x500 MW & 2x500 MW) in September last year. With this, L&T will be implementing FGD systems for 12 units constituting 4260 MW at NTPC's Vindhyachal power plant which will have the maximum number of FGD systems at one location in India. Installation of FGD systems in existing and upcoming thermal power plants has been made mandatory by the Ministry of Environment, Forest and Climate Change (MoEFCC), Government of India, to curtail SO2 emissions. The announcement was made during the market hours today, 26 August 2019.
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The order falls under "Significant" category which ranges between Rs 1000 crore and Rs 2500 crore as per its classification of contracts.
Shares of L&T also witnessed bargain hunting. The stock fell 4.82% in the past four trading sessions to settle at Rs 1,287 on Friday, 23 August 2019, from its close of Rs 1,352.20 on 19 August 2019.
On BSE, 79,000 shares were traded in L&T counter, compared to a 2-week average of 1.89 lakh shares. The stock hit an intraday high of Rs 1,311.95 and an intraday low of Rs 1,277.30.
It hit a 52-week high of Rs 1,606.70 on 28 May 2019 and a 52-week low of Rs 1,183.40 on 23 October 2018.
L&T is a technology, engineering, construction, manufacturing and financial services company.
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