Nifty 50 Stock Hits ATH After Receiving a ‘Mega Order’

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Nifty 50 Stock Hits ATH After Receiving a ‘Mega Order’
Credit: © Reuters.

By Aayush Khanna

The share price of construction and engineering giant - Larsen & Toubro Limited (NS: LART ) (L&T) hit a record high of INR 3,055.95 in the first few minutes of trading after its Heavy Civil Infrastructure business vertical won a mega order from Mumbai Metropolitan Region Development Authority (MMRDA).

The company will be designing and constructing an underground road tunnel project between Orange gate, Eastern Free Way to Marine Drive Coastal Road in Mumbai. The major scope of work for the project comprises of design & construction of twin road tunnels, using Tunnel Boring Machines (TBMs), connecting these tunnels to the existing elevated Eastern Freeway at Orange Gate near its southern terminal through transition ramps and to the Marine drive at Mumbai.  

The project is estimated to be worth over INR 7,000 crore and will likely be completed in 54 months. 

The stock has already been scaling to newer highs for the last few weeks on account of a buyback from the company and now this mega order has again instilled new enthusiasm among investors. 

Currently, the stock is up 0.76% to INR 3,033, retracing a bit from the day’s high due to some profit booking.

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