L&T Gains Over 1% On Bagging Rs 1,390 Crore Contract
At 9:55 am, the shares of L&T were trading higher by Rs 17 or 1.2 per cent on the BSE
L&T shares gained more than 2 per cent in a weak market after the infrastructure major bagged a contract worth Rs 1,390 crore from the National High-Speed Rail Corporation Limited (NHSRCL) for procurement and fabrication of 28 steel bridges for crossing over railway lines, rivers, highways, road, and other structures for the Mumbai Ahmedabad high-speed rail corridor, as part of the country's first bullet train project.
At 9:55 am, the shares of L&T were trading at Rs 1,378.60, higher by Rs 17 or 1.2 per cent, on the BSE. The shares have touched an intra-day high of Rs 1,392.80 and a low of Rs 1,361.15 thus far.
NHSRCL, the organisation responsible for executing the bullet train project, awarded the contract to Larson and Toubro -IHI Infrastructure Systems (Consortium) on January 25.
The scope of work for the C6 package includes construction of viaducts, one station, major river bridges, maintenance depots, and other auxiliary works. This package represents 17.2 per cent of the total length, running elevated from the outskirts of Vadodara to the outskirts of Ahmedabad with one station at Anand / Nadiad.
The BSE Sensex was at 47,986.70, lower by 365 points or 0.75 per cent and the NSE Nifty was at 14,124.20, down 114.85 points or 0.84 per cent at the time.