 "L&T share price rises 2% after bagging major order from Ministry of Defence")
Larsen and Toubro (L&T) shares rose 1.6 per cent in Monday's trade, logging an intraday high at Rs 3,690 per share on BSE. The stock gained after the company bagged a major contract from the Ministry of Defence for the supply of K9 Vajra-T Artillery Platforms to the Indian Army.
Around 9:52 AM, L&T shares were up 0.51 per cent at Rs 3,649.15 per share on BSE. In comparison, the BSE Sensex was up 0.76 per cent at 78,634.73. The market capitalisation of the company stood at Rs 5,01,805.8 crore. The 52-week high of the company stood at Rs 3,963 per share and the 52-week low stood at Rs 3,175.5 per share.
"The Ministry of Defence, Government of India, has awarded a major contract to Larsen & Toubro (L&T) for the supply of K9 Vajra-T Artillery Platforms to the Indian Army," the filing read. The order value ranges between Rs 5,000 crore to Rs 10,000 crore.
K9 Vajra-T, a 155 mm, 52-calibre tracked self-propelled artillery platform adapted from the world’s leading South Korean self-propelled howitzer K9 Thunder, is co-developed by L&T and Hanwha Aerospace, to suit customised requirements of the Indian Army for operations in varied terrains, including deserts, plains and high-altitude regions.
In 2017, L&T had won the contract for the first batch of 100 K9 Vajra-T platforms through global competitive bidding and after successful field evaluation.
“Like the first batch, the second batch of the K9 Vajra-T too will be manufactured at our Armoured Systems Complex at Hazira in Gujarat. The state-of-the-art manufacturing facility was dedicated to the nation by Honourable Prime Minister Shri Narendra Modi in Jan 2019 and it has since been playing a key role in developing and building armoured and artillery platforms in an integrated industrial ecosystem comprising of several MSME partners,” said Arun Ramchandani, senior VP & head – L&T Precision Engineering & Systems.
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Larsen & Toubro (L&T) is a leading Indian multinational conglomerate headquartered in Mumbai, Maharashtra. Established in 1938 by two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro, the company operates in a diverse range of industries, including engineering, construction, manufacturing, technology, and financial services. Known for its expertise and reliability, L&T is a key player in driving India's infrastructure development and industrial growth.
In the past one year, L&T shares have gained 4 per cent against Sensex's rise of 9.3 per cent.