L&T Shares Rise As Company Is Set To Receive Rs 40,000 Crore Defence Order

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The shares of the diversified conglomerate have jumped over 4% to the day's high of Rs. 1, 182 on Friday on the reports that the company is set to receive a whopping Rs. 40000 crore defence orders. L&T opened the day in trade with gains of as much as 0.48%.

L&T Shares Rise As Company Is Set To Receive Rs 40,000 Crore Defence Order

"If one compares a defence shipyard with a private sector, the shipyard relies on 75% import content and despite that the project is delayed. A private company could do it much faster and make it far larger with 75-80% indigenous content. Hence, it was imperative to involve the private sector", said Patil, Whole-time Director and Senior Executive Vice-President (Defence Business).

In light of the government's move to spearhead its defence wing and willingness to meet requirements on time, it is likely to rope in major private defence players. The company is likely to bag some six contracts worth Rs. 40000 crore.

Meanwhile Sensex and Nifty were marginally higher on the back of strong performance of metal shares due to higher commodity shares. in the early trade are almost trading flat. BSE Sensex was trading down 0.02% at 31,670.05 points while NSE Nifty was trading flat at 9,929.55 points.

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