Larsen & Toubro rose 0.65% to Rs 1,606.75 at 9:45 IST on BSE after the company through its joint venture firm, L&T-MHPS Boilers, secured an order worth Rs 1885 crore from NTPC.
The announcement was made during trading hours today, 12 September 2014.
Meanwhile, the BSE Sensex was up 58.92 points, or 0.22%, to 27,054.79.
On BSE, so far 20,000 shares were traded in the counter, compared with an average volume of 2.05 lakh shares in the past one quarter.
The stock hit a high of Rs 1,607 and a low of Rs 1,589 so far during the day. The stock hit a 52-week high of Rs 1,774.70 on 9 June 2014. The stock hit a 52-week low of Rs 777.10 on 1 October 2013.
The stock had outperformed the market over the past one month till 11 September 2014, rising 9.22% compared with 5.79% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 6.95% as against Sensex's 5.97% rise.
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The large-cap company has an equity capital of Rs 185.65 crore. Face value per share is Rs 2.
The contract includes setting up of two units of 660 MW each supercritical steam generators for Tanda Thermal Power Plant Stage-II on an engineering, procurement and construction (EPC) basis, Larsen & Toubro (L&T) said in a statement.
L&T-MHPS Boilers (LMB)'s scope includes design, engineering, supply, construction, erection, testing, commissioning and conducting performance guarantee of two coal-fired steam generator units with supercritical parameters. The project site is located on the banks of the Tanda canal near Bahadurpur village in the Ambedkar Nagar district of Uttar Pradesh, the company said.
This is LMB's first order for supercritical steam generators from NTPC. The order was won through competitive bidding involving several national and international players. The project is scheduled to be completed in 46 and 52 months for the respective units.
Commenting on the order, Shailendra Roy, Whole-time Director (Power, Minerals a Metals) L&T said, "We have the manufacturing and execution capabilities to deliver to stringent schedules while conforming to global standards." The order from NTPC affirms L&T's credentials in EPC execution of power plant equipment.
LMB is currently executing 11 units of similar large capacity steam generators (660/700 MW) in India totaling 7340 MW. Two units of Nabha Power at Rajpura (Punjab) have already achieved commercial operation and the remaining are in advanced stages of execution. LMB also caters to markets in countries like Taiwan, Egypt, Saudi Arabia and the Philippines for engineering services and supply of pressure parts and pulverisers.
L&T-MHPS Boilers is a joint venture company of L&T with 51% equity and Mitsubishi Hitachi Power Systems, Japan with 49% equity. LMB has its manufacturing facility at Hazira, Gujarat for manufacture of pressure parts and coal pulverisers for supercritical steam generators having capacity of 5000 MW per annum.
L&T's consolidated net profit jumped 110.8% to Rs 966.89 crore on 10.1% growth in net sales to Rs 18974.75 crore in Q1 June 2014 over Q1 June 2013.
L&T is a $14.3 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
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