Larsen & Toubro (L&T) rose 3.89% to Rs 914.10 after the company said its heavy engineering arm has won significant contracts in Q4 March 2020.
The unit secured orders for key gasification equipment from Wuhan Engineering, China against stiff Chinese competition for Talcher Fertilizer, which is the first-of-its-kind coal gasification project in India. It will produce 1.27 MMTPA of urea through the gasification of the mixed feedstock of Indian coal with high ash content and pet coke.Other notable orders include reactors and heat exchangers for process plant and nuclear power sectors against global competition. During the year, international orders were secured mainly from the US, Canada, Mexico, the Middle East and South-East Asia. The announcement was made during market hours today, 16 April.
As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1,000 crore and 2,500 crore.
On a consolidated basis, the company's net profit rose 15.2% to Rs 2352.12 crore on a 5.9% increase in net sales to Rs 36242.68 crore in Q3 December 2019 over Q3 December 2018.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
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