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L&T shares rise over 3% on hopes of bullet train contract

L&T shares rise over 3% on hopes of bullet train contract

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

The market capitalisation of the stock stood at Rs 1,29,718 crore as of today's session The market capitalisation of the stock stood at Rs 1,29,718 crore as of today's session

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.

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