L&T rises over 3.5%

It is after a long gap, from the flurry of orders it announced in April, L&T today announced receipt of a new order.

L&T Construction has secured an order from the Irrigation and Command Area Development Department (lEtCAD), Government of Telangana, which is undertaking the Sita Rama Lift Irrigation scheme to irrigate a command area of about 9.36 lakh acres in the districts of Khammam, Kothagudem and Mahabubabad.

The project will involve the construction of a 1263 m long barrage, 65 radial gates with rope drum hoist arrangements and all related mechanical works, construction of 96.4 km of guide bunds and hoisting arrangements on either side of the barrage with protection arrangements across the river Godavari, downstream of the existing Dummugudem anicut near Ammagaripalli(v), Aswapuram(M), Bhadradri Kothagudem districts to be delivered within a stringent timeline of 24 months.

The purpose of the project is to augment the storage capacity of the Dummugudem Anicut by raising the pond level of the 1550 m length of the existing Anicut from the present level.

The value of this order is classified as “Large” which means worth Rs.2500 to 5000 crore.

The stock price has reacted positively to this news; the stock opened flattish, going up less than 1% to Rs.937.50. The news came in around 9.30am and after that, it just zoomed up to an intraday high at Rs.964.90, rising over 3.5%.