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L&T share prices rise as construction arm bags orders across segments
The construction arm of infrastructure company Larsen and Toubro secured big orders across various business segments in the domestic as well as international markets in India. Shares of the company added more than 1% intraday as the company’s construction arm bagged orders, report sources.
For the record, Larsen and Toubro is a leading construction, engineering, technology, manufacturing & financial services conglomerate, that operates globally. The company addresses critical needs in varied sectors, such as infrastructure, process industries, hydrocarbon, power & defense for customers across 30 countries around the world. As of March 2018, L&T Group comprises 93 subsidiaries, 34 joint-ventures, 33 joint operation companies and 8 associates.
Recently, L&T mounted an aggressive takeover bid of IT company Mindtree, when undertook a move to buy Café Coffee Day owner V.G. Siddhartha’s 20.32 % stake in Mindtree & also placed orders with brokers to pick up another 15% of the company’s shares from the open market.
Reportedly, the water and effluent treatment segment of the firm secured an Engineering, Procurement and Construction (EPC) order from Delhi Jal Board. The project is a part of DWSIP (Delhi Water Supply Improvement project) and is funded by JICA (Japan International Cooperation Agency). The firm also secured an EPC order from the Rajkot Smart City.
Larsen and Toubro’s buildings & factory business has secured a repeat order from a leading developer in Bengaluru, for the construction of a 5 million square feet residential complex. The company’s factory business has secured an order from a major cement producer for construction of a cement plant in Andhra Pradesh and also secured an order from vehicle manufacturer for the development of a manufacturing facility in Pune.
As per sources close to the matter, L&T’s transportation infrastructure segment secured order from DAFFL (Delhi Aviation Fuel Facility Limited) & Mumbai Metro Rail Corporation. The company’s power transmission and distribution business has secured an order for design, procurement, engineering, erection, testing & commissioning of 80-megawatt Solar Photovoltaic Power Plant in Uttar Pradesh.
Source credits: https://www.moneycontrol.com/news/business/stocks/lt-gains-on-orders-win-by-construction-arm-4079451.html