Larsen & Toubro stock surges 7% after construction arm bags order from NHAI

Published On: Tuesday, June 23, 2020 | By: Team KnowMyStock

Shares of Larsen & Toubro (L&T) were trading higher for the fourth straight day on Tuesday. The stock jumped 7 per cent to Rs 970 in intra-day deal on the BSE after the company bagged large contracts worth more than Rs 2,500 crore. In the past four trading days, the stock has rallied 9.5 per cent from Rs 884.55 on June 17. The value of a 'large' order ranges in the range of Rs 2,500 to Rs 5,000 crore. The company's Transportation Infrastructure business secured an EPC contract to construct Packages 11 and 22 of the Delhi Vadodara Expressway, which when completed, will be the country's longest expressway of National Highways Authority of India under its flagship Bharat Mala program, the company said in a filing to the exchanges.The company also secured an EPC contract from the state government for the reconstruction of the four-lane Tallah road overbridge in West Bengal. The company has also inked a pact with KBR to build modular process plants for refinery and petrochemical projects.

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MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

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