Larsen & Toubro construction arm receives contracts for heavy infrastructure business

Larsen & Toubro announced today that its construction arm has secured large orders from a prestigious client for its heavy civil infrastructure business.  

The company has secured an order from Chennai Metro Rail Corporation Limited (CMRL) to construct nearly 12 km twin bored tunnels from Kellys station to Taramani Road Junction station. The project is to be constructed in approximately 52 months by using eight tunnel boring machines working simultaneously in various stretches of the project.  

The company also secured another order from CMRL to construct approx 8 km of the elevated viaduct with 9 elevated metro stations. It is to be constructed in 36 months.  

Reacting to this, the company’s stock today increased by 1.41 per cent and made an intraday high of Rs 1,404.50 per share.  

L&T is an Indian multinational company operating in the construction & mining machinery industry. It is engaged in the distribution of equipment such as hydraulic excavators, rear dump trucks, crawler dozers, wheel loaders, etc. It operates in over 30 countries worldwide. 

According to BSE data, the stock traded at a P/E multiple of 17.45 and a price-to-book ratio of 3.33. The stock has a 52-week high and a 52-week low of Rs 1,593 and Rs 791.55, respectively.  

At 12.17 pm, the stock of the company was trading at Rs 1,375.70, down by 0.67 per cent on BSE.