In comparison, the benchmark S&P BSE Sensex was trading nearly a per cent higher at 38,974.68 levels.
The Acquisition Wing, Ministry of Defence signed contracts with Bharat Earth Movers Ltd (BEML), Tata Power
Company Ltd (TPCL), and Larsen & Toubro
(L & T) on August 31, a statement from the ministry said.
The six Pinaka Regiments comprise 114 Launchers with automated gun aiming and positioning system (AGAPS) and 45 command posts to be procured from M/s TPCL and M/s L & T, and 330 vehicles to be procured from M/s BEML. CLICK HERE TO READ FULL REPORT
L&T shares were also in focus after the engineering conglomerate on Monday announced completion of the sale of its electrical and automation (E&A) business to Schneider Electric. The deal was first announced in May 2018. Valued at Rs 14,000 crore, it is one of L&T’s biggest divestment so far in value terms. READ MORE
"While we acknowledge current challenges in infra funding, sub-optimal returns led by cyclical challenges in E&C, Hyderabad Metro, NBFC, etc, L&Ts medium-term focus on making the business asset-light with high cash flow generation potential could drive a better
re-rating if executed well," analysts at Edelweiss Securities had said in a note issued on August 20.
Improving macros and domestic capital expenditure (capex) would be complementary. The extent of re-rating is also contingent on initiatives to reward stakeholders and improving the return profile, the brokerage added.
The brokerage has maintained a 'BUY/SO' rating on the stock with the target price of Rs 1,280.