L rallies as construction division gets Rs 5220 cr orders

The stock of Larsen and Toubro , the engineering and construction major, is on buyers' radar on Friday after its construction division bagged orders worth Rs 5,220 crore in the year 2014 so far. It gained more than 1.5 percent in intraday trade, continuing upmove for the 10th consecutive session today. It has rallied 13 percent since February 18. "Although there is still sluggishness in economy, these orders reflect that there is some positive movement in the infrastructure sector which augurs well for both the country and L&T going forward," SN Subrahmanyan, senior executive vice president, infrastructure and construction said. L&T Construction has bagged Rs 2,019 crore worth of projects in water and renewable energy business and Rs 1,461 crore worth of orders in buildings & factories business. In power transmission and distribution segment, it has received new orders worth Rs 1,001 crore, which includes international order from National Grid, Saudi Arabia for construction of 161 km of 110kv double circuit transmission line. It also bagged Rs 739 crore worth of orders in heavy civil infrastructure business. At 13:30 hours IST, the stock was up 1.14 percent at Rs 1,109.05 on the BSE. Source :   http://www.moneycontrol.com/news/stocks-views/lt-rallies-as-subsidiary-gets-rs-5220-cr-orders2014_1049148.html