L&T rises after construction arm bags 'significant' contract from NPCIL

Larsen & Toubro (L&T) rose 1.15% to Rs 1,850.50 after the company's construction arm secured a 'significant' contract for its heavy civil infrastructure business.

As per L&T's classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.

L&T's construction arm has bagged a significant order from Nuclear Power Corporation of India (NPCIL) for its heavy civil infrastructure (HCI) business to build natural draught cooling towers and a cooling water pump house for the Rawatbhata atomic power project -7 & 8.

The scope of the project involves constructing natural draught cooling towers, cooling water pump houses, erection and commissioning of cooling water pumps, and large diameter cement mortar lined and coated steel pipe (CMLC), the main medium to transport hot water from the turbine to the cooling towers.

The EPC major said that the project is scheduled to be completed in 36 months.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. The EPC major's consolidated net profit surged 44.9% to Rs 1,702.07 crore on 22.2% jump in net sales to Rs 35,853.20 crore in Q1 FY23 over Q1 FY22.

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