Infrastructure giant Larsen & Toubro (L&T) was among the top gainers on both Sensex and Nifty, rising over 3% on Tuesday.
This was after reports that the infrastructure company emerged as the lowest financial bidder for the design and construction of civil works for a significant part of the Ahmedabad-Mumbai bullet train project.
This package is the largest among all for the line's construction, representing 47% of the alignment of the Mumbai-Ahmedabad High-Speed Rail corridor, between Vapi (Zaroli Village at Maharashtra- Gujarat Border) and Vadodara in Gujarat.
Following the news, shares of L&T touched an intraday high of Rs 935.6, rising 3.61% as against the last closing of Rs 903 on BSE. The stock traded at Rs 915.15 at the opening bell today and also hit an intraday low of Rs 912.75.
Larsen & Toubro is trading lower than 5, 20-day moving averages but lower than 50, 100 and 200-day figures. The stock price of L&T has fallen 3% in one week and 2.6% in one month.
The market capitalisation of the stock stood at Rs 1,29,718 crore as of today's session.
National High-Speed Rail Corporation said on Monday that Larsen & Toubro has emerged as the lowest bidder for the design and construction of 237 km length of the viaduct for 508-km Mumbai-Ahmedabad High-Speed Rail corridor, beating two others in the race with a bid of Rs 24,958 crore.
"Financial bids for the design and construction of 237 km length of the viaduct for 508 km of Mumbai-Ahmedabad High-Speed Rail corridor were opened today and Larsen & Toubro Ltd is the lowest bidder," said the release.
Others bidders were "Afcons Infrastructure Ltd., IRCON International Ltd., JMC Projects India Ltd.-Consortium and NCC Ltd., Tata Project Ltd., J Kumar Infra Projects Ltd., HSR Consortium," it added.
The Ahmedabad-Mumbai bullet train is the first high-speed train project of India and is being built with the help of Japan.