L&T shares zoom on bagging new order

Engineering & construction mammoth Larsen & Toubro today informed the bourses that it’s Buildings and Factories business (L&T Oman) has been awarded the main works contract of The Mandarin Oriental, Muscat by Eagle Hills, Muscat. The project involves the construction of the Mandarin Oriental Hotel Muscat and the residences at the Mandarin Oriental, Muscat. The value of this order is in the range of Rs. 1000 to 2500 crore.

The company will oversee the overall construction within the site, which includes a 150-key hotel and 156 units of branded residences, as well as 1,622 square meters of retail areas, podium and basement. L&T will also undertake the associated external works, services, and hard and soft landscaping work.

The company’s order book as on June 2019 ended quarter stood strong at Rs. 2,94,014 crore giving strong revenue visibility for next 2 years.

Larsen & Toubro is a diversified Indian multinational firm having interest in engineering, construction, manufacturing technology and financial services.

The stock of L&T in today’s trading session increase by nearly 2 per cent to touch intra-day high of Rs. 1383.70 apiece. At 11.20 hours the stock was trading at Rs. 1376, up by 1.4 per cent from previous close. The stock had opened at Rs. 1361.10 compared to previous close of Rs. 1357.35.