L&T gains on bagging significant contracts

Larsen & Toubro (L&T) rose 1.13% to Rs 2085.35 after L&T Construction secured significant contracts for its water & effluent treatment business.

The water & effluent treatment business of L&T Construction has secured an order from the Tumakuru Industrial Township (TITL) under the Chennai Bengaluru Industrial Corridor (CBIC). It has also won repeat orders from the Tamil Nadu Water Supply and Drainage Board (TWAD Board), Government of Tamil Nadu, funded by the Asian Development Bank (ADB).

As per L&T's classification, the value of the said contract lies between Rs 1,000 crore and Rs 2,500 crore.

The order from TITL is to design, construct, test, commission, operate & maintain infrastructure works at the Tumakuru Node, Karnataka on an EPC basis. This project is part of the Government of India's flagship program of 'Development of Industrial Corridors'under the National Industrial Corridor Development and Implementation Trust (NICDIT), the apex body overseeing integrated development of all industrial corridors across the country. The program envisages to develop land to promote industries, residential areas, commercial complexes, logistic hubs etc. covering a total area of 1750 acres. It also includes green cover development of 80 acres at Tumakuru.

Further, the orders from TWAD Board are to provide 'Underground Sewerage Scheme (UGSS)' works at Coimbatore. The scope of work involves implementation of house service connections, sewerage network, pumping main, road restoration works and pumping & lift stations across Vadavalli, Veerakeralam, Kavundampalayam and Thudiyalur areas to serve a population of around 3 lakhs upon completion.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.

The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.

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