Shares of Larsen & Toubro on Friday rose nearly 3 per cent, helping its market capitalisation jump by nearly Rs 4,000 crore after one of its subsidiaries announced bagging orders worth Rs 1,711 crore across business segments.
In a regulatory filing, L&T said the buildings and factories business of L&T Construction — an arm of the engineering and construction firm — fetched Rs 880 crore, while power transmission and distribution wing got Rs 676 crore orders.
About Rs 155 crore came from water and renewable business segment, it said.
Reacting to this, the shares of the company opened on a strong note at Rs 1,647, then jumped 2.83 per cent to Rs 1,682.30. It finally ended the day at Rs 1,676.85, higher by 2.50 per cent over its previous closing price.
Accordingly, the market capitalisation of the company improved by Rs 3,913.87 crore to Rs 1,55,873.61 crore on BSE.
The surge in the counter assumes significance as the broader market ended the day on a flattish note. The BSE sensex closed for the day at 27,458.64 points, up 1.06 points.
Construction of a residential building in Mumbai for a private developer forms the major part of the total order received in the buildings and factories business segment.
The scope of the work involves civil, structural, architectural finishes and mechanical, electrical and plumbing jobs.
L&T Construction has also received an order from a cement producer for civil, structural, fabrication and erection of a greenfield unit in Madhya Pradesh.
