Larsen & Toubro to build stadium in Qatar; stock hits over seven-month high

Larsen & Toubro (L&T) has moved higher to Rs 1,506, its highest level since October 27, 2015, on the National Stock Exchange (NSE), after the company announced that it has signed a contract to build a stadium for Qatar's 2022 World Cup.

“Larsen & Toubro’s Construction arm, along with its JV partner in Qatar, Al Balagh Trading & Contracting, has signed a contract to build a 40,000 seater stadium, as part of the sports infrastructure being readied by the Emirate in preparation of the 2022 FIFA World Cup,” L&T said in a press release on Tuesday.

The contract for the project is for a combined value of US $360 million for both JV partners and is slated to be completed by 2019. The scope for the stadium includes main works and construction of the site, following completion of the enabling works, it added.

Meanwhile, engineering major on Monday said its construction arm has won orders worth Rs 2,161 crore across various business segments.

In past three trading sessions, the stock up 3% from Rs 1,461 on June 3, as compared to 0.61% gain in the S&P BSE Sensex.

At 11:14 AM, the stock was up 0.5% at Rs 1,495 on the BSE against 0.04% rise in the benchmark index. A combined 769,918 equity shares changed hands on the counter on the BSE and NSE so far.

 


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