Larsen & Toubro shares hit record high on mega order win

Larsen & Toubro Ltd (L&T) climbed over 1 per cent in Friday's trade to hit a fresh all-time high after the engineering and construction company said its arm L&T Construction secured a mega order from Mumbai Metropolitan Region Development Authority (MMRDA). While L&T did not disclose the exact value of the order win, it counts an order as 'mega' when it is valued above Rs 7,000 crore. 

The fresh order is for designing and construction of an Underground Road tunnel project between Orange gate, Eastern Free Way to Marine Drive Coastal Road at Mumbai, L&T told BSE.

Following the development, the stock rose 1.49 per cent to hit a record high of Rs 3,057 on BSE. The stock has surged 45 per cent year-to-date and is up 67 per cent in the last one year.

"The major scope of work for project comprises of design & construction of twin road tunnels, using Tunnel Boring Machines (TBMs), connecting these tunnels to the existing elevated Eastern Freeway at Orange Gate near its southern terminal through transition ramps and to the Marine drive at Mumbai," L&T said.

The project alignment, L&T said, would run primarily under the Sardar Vallabhbhai Patel Road and is to be completed within 54 months.

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