Moneycontrol
Last Updated : Jun 23, 2020 01:15 PM IST | Source: Moneycontrol.com

L&T share jumps 5% after construction arm bags order from NHAI

The Transportation Infrastructure business has secured an EPC contract to construct Packages 11 and 22 of the Delhi Vadodara Expressway, which when completed will be the country's longest expressway of NHAI.

Larsen & Toubro share price jumped over 5 percent intraday on June 23 after the company's Transportation Infrastructure business secured an EPC contract to construct Packages 11 and 22 of the Delhi Vadodara Expressway.

The stock was the top index gainer and has gained over 32 percent in the last 3 months. It was trading at Rs 958.00, up Rs 50.75, or 5.59 percent at 12:54 hours. It has touched an intraday high of Rs 961.40 and an intraday low of Rs 908.60.

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The Transportation Infrastructure business has secured an EPC contract to construct Packages 11 and 22 of the Delhi Vadodara Expressway, which when completed, will be the country's longest expressway of National Highways Authority of India under its flagship Bharat Mala program, the company said in a filing to the exchanges.

"The scope of work broadly includes 8 lane greenfield expressway of 36 Kms with perpetual pavement, service/slip roads, interchanges, ROB, major/minor bridges, vehicular/pedestrian/cattle underpasses and animal underpasses/overpasses," it added.

The scrip was one of the most active stocks on NSE in terms of value with 76,95,315 shares being traded.

The company has also inked a pact with KBR to build modular process plants for refinery and petrochemical projects. The memorandum of understanding (MoU) has been signed by L&T arm L&T Hydrocarbon Engineering.

Emkay has maintained a buy rating on the stock with a revised target of Rs 1,103 while Motilal Oswal has also maintained a buy with a target of Rs 1,120 per share.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jun 23, 2020 01:15 pm
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