Larsen & Toubro share price rose over 3% on Friday after the construction major said its arm L&T Construction had bagged the Eastern Dedicated Freight Corridor Project contract.
The company said L&T Construction's Transportation Infrastructure in consortium with M/s Kyosan Electric Manufacturing Co. Japan has won a significant order in the form of three packages from the Dedicated Freight Corridor Corporation of India Limited (DFCCIL).
Larsen & Toubro share price touched an intraday high of Rs 868.9, rising 3.36% on BSE against the previous closing value of Rs 840.65. The L&T stock has gained after 4 days of consecutive fall.
Larsen & Toubro stock price stands higher than 20-day moving averages but lower than 5, 50, 100 and 200-day moving averages. The stock price of Larsen & Toubro has risen over 20% in last one month.
"Design and Build orders involve 2x25 KV Overhead Electrification, Signalling 0 Telecommunication and Associated works in the Dadri - Khurja and Sahnewal - Khurja sections of the Eastern Dedicated Freight Corridor (EDFC). The works are spread across 442 route km and 638 track kilometres," the company said in a regulatory filing.
As per the filing, the awarded contract values in the range of Rs 1,000- Rs 2,500 crore.
In another update, the company said its board has approved allotment of NCDs worth Rs 3,800 crore.
Larsen & Toubro shares closed 1.18% or 9.95 points higher at Rs 850.60 today.