L&T bags Rs 1100cr order from GSEC

Engineering major Larsen & Toubro (L&T) surged 4.10% to Rs 1619 on Monday in morning trade, after the company bagged an EPC (engineering, procurement and construction) contract worth Rs 1100 crore from Gujarat State Electricity Corporation.

Analysts said the rise in share price was also due to the overall buoyancy in the market. The 50-share Nifty was up by 90 points, 5400 on NSE tracking other Asian indices, which are all trading in green.

Larsen & Toubro (L&T) has secured the latest order from Gujarat State Electricity Corporation (GSECL), a government of Gujarat company, for setting up 375 megawatt (MW) gas based power plant at Dhuvaran, near Baroda in Gujarat. The project will be executed within a period of 30 months, mentions a release sent by the company.

Brokerages like Angel Broking, Prabhudas Lilladher and Emkay Equity Advisory are positive on the stock.