Larsen & Toubro (L&T) rose 1.3% to Rs 1162.65 after the company said its construction arm has secured a 'mega' contract to build India's first high-speed rail corridor.
The transportation infrastructure business of L&T Construction secured mega contract from the National High-Speed Rail Corporation (NHSRCL) to construct 87.569 km of the Mumbai-Ahmedabad High Speed Rail (MAHSR) project, popularly referred as the bullet train project.As per the L&T's classification, the valuation of the 'mega' order is above Rs 7000 crore.
The order entails the construction of viaducts, one station, major river bridges, maintenance depots, and other auxiliary works. L&T said this particular package represents 17.2% of the total length, running elevated from the outskirts of Vadodara to the outskirts of Ahmedabad in the state of Gujarat with one station at Anand/Nadiad.
This order to construct the C6 package of MAHSR comes on the heels of the earlier one for the C4 package of the project, the biggest EPC contract awarded in the country to date, involving the construction of a 237.1 km stretch.
The approximately 508 km Mumbai-Ahmedabad high-speed rail project will cover 155.76 kms in the State of Maharashtra, 4.3 kms in the Union Territory of Dadra & Nagar Haveli and 348.04 kms in the State of Gujarat with 12 stations along the route. Upon completion, the high-speed rail will operate at a speed of 320 Kmph, covering the entire distance in approximately 2 hours with limited stops and in 3 hours with all stops.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
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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