L&T surges ahead on major order receipt in UAE

The stock of Larsen & Toubro was higher by more than two per cent in the early trade after it bagged an order in United Arab Emirates (UAE), which helped benchmark index-Sensex gain nearly 800 points. Indian benchmark indices on Tuesday traded with high spirits led by large-caps such as RIL, HDFC and L&T.

L&T informed about the order through a press release it submitted to the stock exchanges. The construction arm of Larsen & Toubro (L&T) has been awarded an order by Etihad Rail Company PJSC for design and build of freight handling facilities at seven strategic locations across UAE. This design and build contract for freight facilities package has been bagged against stiff international competition and is a major breakthrough project for L&T in the stage-two expansion phase of Etihad Rail. This project will be executed in Joint Venture (JV) with Power China. As per the project classification of L&T, the major order would fall under the order value between Rs 5,000 crore to Rs 7,000 crore.  

All the freight stations will include railway siding and track works, apart from other infrastructure works such as bridges, buildings, roads, drains, water and electricity utility systems.

At 12.20 pm, the stock traded with gains of 1 per cent at Rs 1,299 on BSE.