Larsen & Toubro wins Mega Contract to build Indias first High-Speed Rail Corridor
During Thursday’s trading session, even as Sensex and Nifty were trading negative, the stock of Larsen & Toubro was trading positive.
L&T, India's leading engineering, procurement and construction projects, manufacturing, defence and services conglomerate, has received an order from the National High-Speed Rail Corporation Limited (NHSRCL) to construct 87.569 km of the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project, popularly referred as the Bullet Train project.
The scope of the order includes the construction of viaducts, one station, major river bridges, maintenance depots, and other auxiliary works. This particular package represents 17.2 per cent of the total length, running elevated from the outskirts of Vadodara to the outskirts of Ahmedabad in the State of Gujarat with one station at Anand / Nadiad.
Reacting to this, the stock of Larsen & Toubro jumped 2.53 per cent and made an intraday high of Rs 1176.75 per share.
According to BSE data, the stock traded at a P/E multiple of 15.17 and a price-to-book ratio of 2.76.
L&T distributes and supplies equipment to the infrastructure, mining and irrigation sectors.
At 10.07 am today, the share of Larsen & Toubro was trading at Rs 1163.70 per share on BSE, up by 1.39 per cent.