L&T Construction bags orders worth Rs. 4,353 crore

EPC major L&T Construction added another major project to its order book as the company won contracts worth Rs. 4,353 crore in the power transmission and distribution business in India as well as abroad.

The company won an order from Algeria-based Sonelgaz Group for the turnkey construction of a 220/60 kV Air Insulated Substation in Draa Errich in Algeria. It also bagged an order from Egyptian Electricity Transmission Company for the turnkey construction of 220kV overhead transmission lines in order to interconnect the substations of North Hurghada and El Qusair to the 220 kV grid.

In the Middle Eastern region, the company bagged a contract from the Oman Electricity Transmission Company SAOC for the installation of third and fourth transformers at the Airport Heights Grid Station.

While on the domestic front, the Karnataka Power Transmission Corporation awarded the company with an order to set up a 400/220kV gas insulated substation at Mylasandra in Bengaluru. The company has also won several orders for electrification of households in various districts across India, under the government’s Saubhagya scheme.

Larsen & Toubro, the holding company of L&T Construction, has surged by 27.04 per cent on the bourses in the last one year and has risen by around 4 per cent on YTD basis.

However, Larsen and Toubro was trading in the negative territory during the pre-lunch session on Wednesday. The company hit an intraday high of Rs. 1,304.55 per share and an intraday low of Rs. 1,293.20 per share on BSE. At 12:00 hours IST, the stock was trading at Rs. 1,298.75 per share, lower by 0.60 per cent on BSE on Wednesday.