Larsen & Toubro (L&T) share was trading lower today in line with broader indices even as the firm's defence arm L&T Defence was awarded a significant contract by the Ministry of Defence (MoD) for the supply of four regiments of Pinaka Weapon Systems.
Share price of L&T fell 2.18% to Rs 940 against previous close of Rs 961.05. The cost of the contract lies between Rs 1,000 to Rs 2,500 crore.
The stock has fallen after 3 days of consecutive gain.The share trades higher than 100 day moving averages but lower than 5 day, 20 day, 50 day and 200 day moving averages
It has lost 28.14% in one year and fallen 27.53% since the beginning of this year. Total 1.05 lakh shares changed hands amounting to turnover of Rs 10.01 crore.
Market cap of the firm fell to Rs 1.32 lakh crore.
The contract involves supply of Pinaka Launchers, battery command posts and associated engineering support package (ESP) for four regiments.
The Pinaka Launch system has been indigenously developed by L&T as part of Pinaka development program of Defence Research & Development Organization (DRDO, ARDE) and functions as a high tech, all weather, long range, area fire artillery weapon system.
Amid heavy selling pressure in banking and financial stocks, Sensex declined 670 points to 38,320 and Nifty lost 200 points to 11,327.