L&T bags order from Northern Coalfields

The metallurgical and material handling business of L&T Construction has secured an order from Northern Coalfields Limited, a subsidiary of Coal India Limited (CIL).

The order is for a coal processing & load-out package to be installed at the Dudhichua Mines. Coal India Limited plans to increase production to 1 billion tonnes (Bt) by 2023-24 to meet the country's demand for coal. This contract is in line with that vision. The scope of work involves EPC for a double stream coal sizing and transportation system covering a semi-mobile sizing system, high capacity speciality conveyors, and an automated loading system.

L&T’s consolidated order book stood at Rs 3.05 lakh crore as of Q1FY21. This is 4 per cent higher than the order book size as of the same quarter in the last fiscal year. The order inflow for Q1FY21 stood at Rs 23,600 crore. The infrastructure segment contributed the largest share of nearly 48 per cent.

Since the beginning of this year, the stock has underperformed the broader market index BSE Sensex. The stock has given a return of -30 per cent as against the return of -4.8 given by S&P BSE Sensex