Larsen & Toubro (L&T) rose 0.72% to Rs 1157.55 after the company said it won multiple orders for construction and mining equipment business.
The construction and mining equipment business of L&T has secured multiple orders from Coal India subsidiaries and customers from the cement and iron ore sectors. These orders are for supplying 66 units of Komatsu 100 ton & 60 ton dump trucks, 15 units of Komatsu wheel loaders, 7 units of Komatsu hydraulic excavators and allied equipment. The scope includes supplying equipment and maintenance contracts for supporting operations over three to four years.Commenting on the order win, S.N. Subrahmanyan, MD & CEO of L&T, said "We are delighted to receive these orders from our valuable customers, across various sectors, which is a strong indication of the revival taking place in the Mining industry, driven by the progressive and supportive policies of the Government of India."
L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue.
On a consolidated basis, the company's net profit surged 118.43% to Rs 5520.27 crore on 12.15% decline in net sales to Rs 31034.74 crore in Q2 September 2020 over Q2 September 2019.
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