L&T secures large category order win from Telangana government
On Friday, one of the largest business conglomerates, Larsen & Toubro Limited (L&T) reported that it has secured a large category order, depicting a value of between Rs 2,500 crore and Rs 5,000 crore, from a government authority in Telangana. The company's shares were trading near day high after the press release was made public.
L&T often segregates its order bookings into significant, large, major and mega using the criteria of order values and classification. Its heavy civil infrastructure business arm has secured the latest order. This order is from Irrigation and Command Area Development Department, Government of Telangana for irrigation of 9.36 lakh acres in districts of Kothagudem, Khammam and Mahabubabad. Under the given project, it will be bound to construct 1,263 m long barrage, 65 radial gates, bunds & hoisting arrangements.
The company is expected to report its Q4 results today. It is anticipated that there would be lower order booking guidance for the current fiscal year. Moreover, due to slow revenue recognition and execution in March, it would also hit its top line in the quarter under review.
At 12 pm on Friday, the stock is trading at Rs 950, higher by 2 per cent on BSE.