L&T shares advance 5% as its unit bags biggest order

L&T shares advance 5% as its unit bags biggest-ever order

Larsen and Toubro logo. Credit: Reuters Photo

Shares of Larsen & Toubro (L&T) rose nearly 5 per cent in early trade on Wednesday after the company's construction and mining equipment business secured one of its biggest-ever order.

The company's shares were trading 5 per cent higher at Rs 1,135.30 on the BSE.

On the NSE, the scrip gained 5.09 per cent to Rs 1,135.90.

The Construction and Mining Equipment business of Larsen and Toubro, has secured one of its biggest orders ever to supply 46 units of Komatsu Mining Equipment from Tata Steel, the company said in a regulatory filing.

As per the filing, 26 of these 46 units will be deployed at Tata Steel's Iron Ore Mines at Joda, Noamundi and Khondbond in Odisha, while 20 units of Komatsu 100 Ton Dump Trucks will be deployed at Tata Steel's West Bokaro Coal Mines in Jharkhand.

The scope of the order includes supply of equipment and full maintenance contract for 60,000 hours of equipment operation.

"Komatsu's superior products and L&T's seamless support over the years, paved the way for securing this prestigious order and we look forward to partnering India's largest steel producer - Tata Steel, in their growth journey," S N Subrahmanyan, CEO & MD, Larsen & Toubro said.