Larsen & Toubro (L&T) share rose in early trade today after the firm said its arm L&T Construction has won two contracts to build Regional Rapid Transit System (RRTS) infrastructure from National Capital Region Transport Corporation (NCRTC) in Uttar Pradesh. Value of these projects lies between Rs 1,000 to Rs 2,500 crore.
L&T share was among the top gainers rising up to 5.31% to Rs 911 compared to the previous close of Rs 865 on BSE.
The firm's market cap rose to Rs 1.25 lakh crore. Total 0.68 lakh shares amounting to turnover of Rs 6.13 crore changed hands on BSE.
The stock has gained 14.67% in the last 6 days. The large cap stock has lost 34.23% in last one year and 31% since the beginning of this year. The project involves execution of a new, dedicated, high-speed, high-capacity rail system in the Delhi-Ghaziabad-Meerut Corridor.
The routes packages for which contracts have been awarded are Duhai to Modi Nagar and from Modi Nagar to Shatabdi Nagar for a total distance of approximately 32 Km viaduct including 7 elevated stations.
RRTS is different from metro transit systems as it serves passengers travelling relatively longer distances with fewer stops and at higher speed. The design speed for the project is 180 KMPH with an average operational speed of 100 KMPH.