Fresh order lends strength to L&T

DALAL STREET SPIKES

The Larsen & Toubro scrip hit a 52-week high of Rs 602 on Friday before closing at Rs 579.90, up by 1.10 per cent.

The announcement that the company has bagged another order led to huge buying interest at the counter. More than 8.52 lakh shares were traded on the BSE.

L&T announced on Thursday that its heavy engineering division has bagged a Rs 137-crore order from Bharatiya Nabhikiya Vidyut Nigam Ltd (Bhavini).

This is the fourth order announced by L&T in the last few days. L&T's engineering division also has a huge order backlog, according to market sources.

Analysts point out that the government's focus on infrastructure is also likely to benefit the company.

Cement companies are also set to benefit if domestic coal prices come down on the back of the cut in import duty on coal to 15 per cent from 25 per cent.