Larsen & Toubro (L&T) rose 1.21% to Rs 1,127.35 after the company said its real estate business has launched North Towers at its residential project - Seawoods Residences in Navi Mumbai.
As per the company's exchange filing, the project has drawn strong interest from homebuyers with over 300 expression of interest received within the first two weeks. 500 apartments of this project were sold out in a record time last year.
L&T Seawoods Residences is part of India's first Transit-Oriented Development (TOD) - Seawoods Grand Central. The revamped railway station, mall and the large office spaces on the campus, have been instrumental in drawing customers to Seawoods Residences, the company said.
This residential project is just a few steps away from Seawoods Grand Central Mall and the railway station and is in close vicinity of the upcoming Navi Mumbai International Airport. With an area of 10 acres, it is the premium most development of Navi Mumbai, L&T said during market hours today, 3 December 2020.
On a consolidated basis, the company's net profit surged 115.2% to Rs 5,876.54 crore on 12.2% decline in net sales to Rs 31,034.74 crore in Q2 September 2020 over Q2 September 2019.
L&T is an Indian technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
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