L&T Shares Hit 52-Week High On Order Over Rs 7,000 Cr To Construct Tunnel At Marine Drive

Larsen and Toubro Ltd. (L&T) shares on Friday, Sept 29, 2023, hit a new 52-week high of Rs 3,057 apiece on BSE after the company announced a "mega order" secured by its heavy civil business. The overall order value of the mega order is more than Rs 7,000 Crore.

The contract is for the design and construction of an underground road tunnel connecting Orange Gate, Easter Free Way to Marine Drive Costal in Mumbai, the company stated.

"The major scope of work for project comprises of design & construction of twin road tunnels, using Tunnel Boring Machines (TBMs), connecting these tunnels to the existing elevated Eastern Freeway at Orange Gate near its southern terminal through transition ramps and to the Marine Drive at Mumbai," the company stated in press release.

The project alignment will run under the Sardar Vallabhbhai Patel Road and has to be completed within 54 months.

The shares of L&T last traded at Rs 3,021.95 apiece, up 0.34% from its previous close on the BSE. It hit 52-week high at Rs 3,057 apiece and 52-week low at Rs 1,798 apiece.

The stock surged 3.53% in 1 week. It gained 66.52% in 1 year, 237.59% in 3 years, and 138.58% in 5 years, respectively. It has a market cap of Rs 4,24,780.01 Crore.

Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.