Larsen & Toubro (L&T) advanced 2.35% to Rs 1,084 after the construction major delivered India's first launch hardware for Gaganyaan Mission despite COVID-19 restrictions.
Larsen & Toubro, an engineering, procurement and construction projects, manufacturing, defence and services conglomerate, delivered the first hardware, a booster segment, for Gaganyaan Launch Vehicle to ISRO ahead of schedule in a virtual flag-off ceremony presided over by Dr K Sivan, the chairman of Indian Space Research Organisation (ISRO).
Notwithstanding the limitations imposed by COVID-19, the Middle segment of the world's third-largest solid propellant rocket booster - 'S-200', has been delivered ahead of schedule with zero-defects. The segment was produced at L&T's Powai Aerospace Manufacturing Facility meeting the timeline requirements for India's maiden manned mission.
The announcement was made during trading hours today, 17 November 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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