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L&T share rises over 2% after construction arm wins contract in Bullet Train project

Larsen and Toubro (L&T) share touched an intraday high of Rs 1176.75, rising 2.53% against its previous close of Rs 1147.75

twitter-logoBusinessToday.In | November 19, 2020 | Updated 18:37 IST
L&T share rises over 2% after construction arm wins contract in Bullet Train project
Larsen & Toubro share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Larsen and Toubro (L&T) share rose over 2% in trade today after the engineering and construction firm said it bagged an order worth over Rs 7,000 crore to construct a part of the Mumbai-Ahmedabad High Speed Rail (MAHSR), also known as the Bullet Train Project. Larsen and Toubro (L&T) share touched an intraday high of Rs 1176.75, rising 2.53% against its previous close of Rs 1147.75.

Larsen & Toubro share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock also touched an intraday low of Rs 1108.1, down 3.45% amid a falling market. The share has lost 16.87% in one year and fallen 12.63% since the beginning of this year.

Total 3.85 lakh shares changed hands amounting to turnover of Rs 44.10 crore. Later, the share closed 1.12% lower at Rs 1.59 lakh crore.

However, the company did not provide the exact value of the contract, but specified that as per its classification, the mega project is of over Rs 7,000 crore.

The transportation infrastructure business of L&T Construction has secured mega contract from the National High-Speed Rail Corporation Ltd (NHSRCL) to construct 87.569 km of the MAHSR project, L&T said in a regulatory filing.

Sensex falls 580 points, Nifty at 12,771 on weak global cues

The scope of the order includes the construction of viaducts, one station, major river bridges, maintenance depots, and other auxiliary works.

Meanwhile, Sensex reversed the trend after 3 days and fell 580 points to close at 43,600, while Nifty ended 166 points to 12,771.

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