L&T shares gains 2% as construction arm wins mega contract
This order to construct the C6 Package of MAHSR comes on the heels of the earlier one for the C4 Package of the project.
Nov 19, 2020 / 10:23 AM IST
Larsen & Toubro (L&T) share price rose more than 2 percent intraday on November 19 after the company's construction arm won a contract from NHSRCL.
The transportation infrastructure business of L&T Construction, the construction arm of Larsen & Toubro, has secured another mega contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct 87.569 km of the Mumbai-Ahmedabad High Speed Rail (MAHSR) project, popularly referred as the Bullet Train project.
This order to construct the C6 Package of MAHSR comes on the heels of the earlier one for the C4 Package of the project, the biggest EPC contract awarded in the country to date, involving the construction of a 237.1 km stretch.
“This is yet another recognition of our capabilities to construct mega projects to speed and scale and we are grateful to the Government of India, Ministry of Railways, Indian Railway Board and NHSRCL for reposing faith in us to execute another huge package of this prestigious project,” said Mr S N Subrahmanyan, CEO & Managing Director, Larsen & Toubro.
A day before, company's Construction and Mining Equipment business has secured one of its biggest orders ever to supply 46 units of Komatsu Mining Equipment from Tata Steel.
At 10:05 hrs Larsen & Toubro was quoting at Rs 1,158.15, up Rs 10.00, or 0.87 percent on the BSE.
The share touched its 52-week high Rs 1,417.50 and 52-week low Rs 661.05 on 21 November, 2019 and 25 March, 2020, respectively.
Currently, it is trading 18.3 percent below its 52-week high and 75.2 percent above its 52-week low.