L&T gains after large order win

Larsen & Toubro rose 0.46% to Rs 1,248.95 at 10:18 IST on BSE after the company announced that L&T Construction has won a mega contract for design and construction of a major airport.

The announcement was made during market hours today, 18 February 2019.

Meanwhile, the S&P BSE Sensex was down 154.42 points, or 0.43% to 35,654.53

On the BSE, 36,000 shares were traded in the counter so far compared with average daily volumes of 1.84 lakh shares in the past two weeks. The stock had hit a high of Rs 1,258.55 and a low of Rs 1,243.25 so far during the day.

Larsen & Toubro (L&T) said that L&T Construction has secured a mega contract for design and construction of a major airport. The Engineering, Procurement and Construction orders have been secured to execute development works of a major airport. L&T Construction is a brand of L&T.

The scope of work includes design, engineering, procurement and construction of Passenger Terminal Building, a new runway, rehabilitation of a runway, taxiways and aprons, a new elevated eastern cross taxiway, landside roads, utility infrastructure, drainage and modifications for the existing Terminal.

The project involves baggage handling systems, passenger boarding bridges, airport security systems, visual docking guidance systems, vertical horizontal transportation, airfield ground lighting, mechanical, electrical and plumbing works. This will increase the existing capacity to 40 Million Passenger Per Annum (40MPPA).

L&T's consolidated net profit rose 37.02% to Rs 2041.62 crore on 24.22% rise in net sales to Rs 35708.87 crore in Q3 December 2018 over Q3 December 2017.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

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