L&T gains for sixth straight day, up 12% in 2 days on multiple order wins

Shares of Larsen & Toubro rose as much as 5.27 per cent to Rs 911.35 on the BSE on Wednesday after the company's Heavy Civil Infrastructure business secured two contracts from the National Capital Region Transport Corporation (NCRTC) in Uttar Pradesh to build Regional Rapid Transit System (RRTS) Infrastructure. 

"The scope of the project is to execute a new, dedicated, high speed, high capacity rail system in the Delhi - Gaziabad - Meerut Corridor. RRTS is distinct from metro transit systems as it caters to passengers traveling relatively longer distances with fewer stops and at higher speed. The design speed for the project is 180 KMPH with an average operational speed of 100 KMPH," L&T said in an exchange filing.

"The two contracts for RRTS have been secured for packages starting from Duhai to Modi Nagar and from Modi Nagar to Shatabdi Nagar for a total distance of approximately 32 Km via duct including 7 elevated stations," it said

Although the company did not mention the exact value of the contract, according to its project classification, the value of a significant order ranges between Rs 1,000 crore and Rs 2,500 crore.

On Monday, L&T had announced major award wins in the power transmission and distribution business, while its water & effluent treatment business had also secured three engineering procurement construction (EPC) water management orders from the Karnataka Urban Infrastructure Development and Finance Corporation.

At 10:25 AM, the stock was up 4.75 per cent as compared to 2.54 per cent gain in the S&P BSE Sensex. Around 24.3 lakh shares have changed hands on the NSE and BSE combined so far.

In the past six trading days, L&T's stock has gained 17 per cent, thus outperforming the Sensex which has risen 11.2 per cent in the same duration.



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel