L&T gains on winning major order in Maharashtra

The construction arm of Larsen & Toubro (L&T), L&T Construction’s Buildings & Factories business has secured a residential project from City and Industrial Development Corporation of Maharashtra (CIDCO).

The said project from CIDCO would require L&T to construct 23,432 dwelling units with on-site infrastructure works at various locations in Navi Mumbai. The company said that the order falls under the 'major' category, which ranges between Rs. 5,000 crore and Rs. 7,000 crore according to the classification of contracts.

The project, being part of the Pradhan Mantri Awas Yojana (PMAY), envisages construction of Economically Weaker Section (EWS) and Low-Income Group (LIG) type of dwelling units. The building configurations vary from 13 to 20 storeys. This is a fast track project to be completed within stringent timelines.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

The shares of L&T on Monday had opened at Rs. 1328.15 against Friday’s close of Rs. 1328.40. At closing hours, it was trading at Rs. 1357.35, gaining 2.18 per cent from its previous close. The stock hit an intraday high of Rs. 1361.75 and intraday low was Rs. 1323.90. Its 52-week high was Rs. 1,606.70 and 52-week low was Rs. 1,183.40 per share on the BSE.