L&T, which had closed on Friday at Rs.1684.60, opened today at Rs.1700 and rose over 3% to an intraday high at Rs.1734.30. Its 52-week high stands at Rs.2078.20.

The company announced today morning that its realty arm, L&T Realty, has entered into a binding agreement to jointly develop projects in South Mumbai, Western Suburbs and Thane worth Rs 8,000 crore, with development potential of 4.4 million square feet.

This is a part of company’s larger plan to strengthen its footprint in major metros by adding around 5 million sq. ft. per year over the next five years.

L&T Realty has an extensive portfolio spanning 70 million square feet across Residential, Commercial and Retail developments and is currently present in Mumbai, Navi Mumbai, Bengaluru, Chennai, and to some extent in NCR and Hyderabad.