Larsen and Toubro secured a mega order worth nearly $1 billion for the Bullet Train project in India
New Delhi:
The board of Infrastructure Leader Larsen and Toubro will meet next week to consider a proposal to buy back shares and pay a special dividend for FY2023-24, according to a filing.
The proposals will be considered at the company’s board meeting scheduled for July 25, Larsen & Toubro said in a filing.
The company announced in a separate filing on Friday that its construction unit, L&T Construction, has won a ‘mega’ contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct the 135.45 km MAHSR – C3 package which is part of the prestigious Mumbai Ahmedabad High-Speed Rail Project.
The scope of the MAHSR – C3 package includes the construction of viaducts, stations, major river bridges, depots, tunnels, earth structures, stations and other supporting works.
The approximately 508 km Mumbai-Ahmedabad high-speed rail project, also referred to as the MAHSR Bullet Train Project, will cover 155.76 km in Maharashtra State, 4.3 km in Union Territory of Dadra & Nagar Haveli and 348.04 km in Gujarat State with 12 stations along the route.
L&T has not disclosed the financial value of the contract, but according to the classification, a mega order is worth more than Rs 7,000 crore. Rs 8,100 crores makes one billion dollars.
L&T shares were up about 4 percent to hit a 52-week high of Rs 2,594.40 on BSE after the mega order gain. The stock closed 3.88 percent higher at Rs 2,586.25 and was the main winner among Sensex shares.
The L&T board will consider the financial results for the first quarter of 2023-24 for approval on July 25.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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