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Shares of Larsen & Toubro (L&T) were trading higher by 2% at Rs 1,792, extending its previous day’s 5% rally on the NSE, after the company said the Defence Ministry shortlisted a consortium of Tata Power-Strategic Electronics Division (SED) and L&T for the battlefield management project.
The stock opened at Rs 1,780 and touched a record high of Rs 1,793 on NSE. Till 0921 hours, a combined 274,873 shares changed hands on the counter on NSE and BSE.
As per the requirement of the procurement procedure, both the selected parties will — after finalisation of the system specification -- be tasked with development of "prototype systems" for which purpose 80% cost will be funded by the government, L&T said.
The expected amount involved in the development phase will be clear only after the system specifications have been finalised but is expected to be around Rs 800 crore, it said.
The total order value in the production phase could be between Rs 40,000 to Rs 50,000 crore, L&T said.
The stock opened at Rs 1,780 and touched a record high of Rs 1,793 on NSE. Till 0921 hours, a combined 274,873 shares changed hands on the counter on NSE and BSE.
As per the requirement of the procurement procedure, both the selected parties will — after finalisation of the system specification -- be tasked with development of "prototype systems" for which purpose 80% cost will be funded by the government, L&T said.
The expected amount involved in the development phase will be clear only after the system specifications have been finalised but is expected to be around Rs 800 crore, it said.
The total order value in the production phase could be between Rs 40,000 to Rs 50,000 crore, L&T said.
