L&T Hits New 52-Week High on Bagging Rs 2,265 Cr Orders by Subsidiary | CORPORATE ETHOS

L&T Hits New 52-Week High on Bagging Rs 2,265 Cr Orders by Subsidiary

By: | January 8, 2018
L&TConstruction

Jan 8: The Transportation Infrastructure and Water & Effluent Treatment businesses of L&T Construction, a wholly owned subsidiary of Mumbai-based construction major Larsen & Toubro (L&T) Ltd, have jointly bagged three EPC orders worth Rs 2,265 crore from Andhra Pradesh Capital Region Development Authority (APCRDA).

According to the company, the scope of the work includes investigation, design & construction of roads, drains, culverts, water supply, sewerage, sewerage treatment plants, utility ducts for power & ICT, reuse waterline & avenue plantation for land pooling schemes in Zones – 6, 7 and 10 areas of Amaravati Capital City.

“The project will provide state-of-the-art infrastructure to the city of Amaravati including wide trunk roads with flexible and rigid pavements, along with multiple facilities like cycle track, sidewalks & smart street lighting, ICT etc,” the company said.

“Amaravati is fast developing into a world-class city and we are proud to be part of its growth story,” said S N Subrahmanyan, CEO and MD, Larsen & Toubro. “this order reinforces trust and confidence that the Government of Andhra Pradesh has on Larsen and Toubro to execute large projects to quality and in time. We are grateful to APCRDA for giving us this opportunity to execute an infrastructure project of this magnitude, which will immensely benefit the residents of Amaravati,” he added.

The package is part of the master plan to develop Amaravati into a Smart city with infrastructure on par with the best in the world.

L&T shares surged nearly 2% to touch a new 52-week high of Rs 1,335.95 in today morning trade on BSE, after the news came in. At 11.38 am, the Rs 2 face value shares were trading at Rs 1,332, up 1.33% from the previous closing of Rs 1,314.50.