Larsen & Toubro gained 1.13% to Rs 1,277.90 after L&T Construction secured an order from Rail Vikas Nigam (RVNL) for the construction of Rishikesh-Karanprayag tunnel.
The heavy civil infrastructure business of L&T Construction has secured an order from Rail Vikas Nigam (RVNL) for the construction of Rishikesh - Karanprayag Tunnel 2 package works comprising tunnels, bridges and formation works in Uttarakhand.The project consists of the main tunnel with parallel escape tunnel and ballast-less track that runs inside the main tunnel. This is a fast track project to be completed within stringent timelines.
The order falls under "Significant" category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts. The announcement was made during market hours today, 12 December 2019.
Meanwhile, the S&P BSE Sensex was up 136 points or 0.34% to 40,548.44.
On the technical front, the stock's RSI (relative strength index) stood at 31.781. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading below its 50-day moving average (DMA) placed at Rs 1,394.15, as well as below its 200 DMA placed at Rs 1,400.52.
L&T's consolidated net profit jumped 25.9% to Rs 2,527.26 crore on 15.2% rise in net sales to Rs 35,328.45 crore in Q2 September 2019 over Q2 September 2018.
L&T is a technology, engineering, construction, manufacturing and financial services company.
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