BackL&T gains 4% after construction arm bags contract
L&T Construction has secured an order from the Irrigation and Command Area Development Department, TelanagaAs per L&T's classification, "large" orders are typically valued between ₹2,500 crore and ₹5,000 crore
PremiumMUMBAI: Shares of Larsen & Toubro (L&T) rose 3.6% on Friday after its construction arm secured a "large" contract for heavy civil infrastructure work from a Telangana civic body.
At 12:30 pm, shares of L&T traded at ₹944.95, up 1.5% from previous close, while the benchmark Sensex was up 0.4% at 34,131.50.
L&T Construction has secured an order from the Irrigation and Command Area Development Department, Telanaga, which is undertaking the Sita Rama Lift Irrigation scheme to irrigate a command area of about 9.36 lakh acres in Khammam, Kothagudem, and Mahabubabad.
The project involves construction of a 1,263 -metre long barrage, 65 radial gates with rope drum hoist arrangements, and related mechanical works, construction of 96.4 km of guide bunds and hoisting arrangements on either side of the barrage with protection arrangements across the river Godavari.
As per L&T's classification, "large" orders are typically valued between ₹2,500 crore and ₹5,000 crore.
Today, L&T will announce March quarter results. In the December ended quarter, the company had announced a consolidated net profit of ₹2,352.12 crore, up 15.2% on year. Net sales had risen 5.9% to ₹36,242.68 crore
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
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