Larsen & Toubro (L&T) rose 3.03% to Rs 866.15 after L&T Construction secured a significant contract for Eastern dedicated freight corridor project.
L&T announced during market hours today, 24 April 2020, that railways strategic business unit of L&T Construction's transportation infrastructure IC in consortium with Kyosan Electric Manufacturing Co., Japan has won a significant order in the form of three packages from the Dedicated Freight Corridor Corporation of India (DFCCIL). The design and build orders involve 2x25 KV overhead electrification, signalling & telecommunication and associated works in the Dadri - Khurja and Sahnewal - Khurja sections of the Eastern Dedicated Freight Corridor (EDFC). The works are spread across 442 Route Kms and 638 Track Kms.L&T Construction is already executing the electrification and signalling system works contracts for the Mughalsarai to New Sonnagar section and electrification works of the Mughalsarai - Bhaupur Section of the EDFC.
With this win, L&T will be electrifying 1000 out of 1346 Kms of the EDFC where orders have been finalized, and the entire 1465 Kms of the Western Dedicated Freight Corridor from Dadri to JNPT.
DFCCIL is a special purpose vehicle of the Indian Railways, mandated to build dedicated freight corridors.
As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1,000 crore and 2,500 crore.
On a consolidated basis, the firm's net profit rose 15.21% to Rs 2,352.12 crore on a 5.87% rise in net sales to Rs 36,242.68 crore in Q3 December 2019 over Q3 December 2018.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
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