Gaining for second straight day, shares of L&T rose as much as 1.6 percent to an intraday high of Rs 1,530 apiece. The company in an exchange filing said that it has bagged a contract, classified as 'significant' for being valued between Rs 1,000-2,500 crore, for water supply and distribution project in the neighbouring country of Sri Lanka.

The Kundasale Haragama water supply project in Sri Lanka's Kandy district includes designing and constructing of intake structure and water treatment plants for the National Water Supply & Drainage Board. The project is being funded by Exim Bank of India and Bank of Ceylon to provide drinking water to approximately 3.3 lakh people.

Additionally, L&T's GeoStructure secured an order from BPCL (Bharat Petroleum Corporation Limited) for ground improvement of tank foundation area, at Krishnapatnam, Andhra Pradesh. It also won another order from CMRL for construction of balance works of cut and cover section in the Phase 1 extension works.

According to Bloomberg data, the L&T stock has been trading 21 times its estimated earnings per share (EPS) for the coming year.