L & T Acquires New Order worth Rs 1,635 Crore from MPPGCL
L & T Acquires New Order worth Rs 1,635 Crore from MPPGCL – Today, L&T (Larsen and Turbo), one of the engineering majors has acquired a new order worth Rs. 1,635 crore from MPPGCL. The MPPGCL stands for Madhya Pradesh Power Generating Company Ltd.
The order has been acquired by L&T for engineering related works at Shree Singaji (Malwa) thermal power plant. L&T stated to Bombay Stock Exchange, while filing that the scope of work includes engineering, designing and manufacturing of coal handling and ash handling plant at coal fired power plant in Khandwa district of Madhya Pradesh.
The entire project will be funded by the state government of MP and Power finance corporations (PFC). The 1200 MW project of MPPGCL’s in MP would be able to enhance 28.80 million units to the grid each day once it is accredited.
As compared to prior close, shares of Larsen & Toubro were merchandizing at Rs. 1,598.30 on the BSE, up by 1.43%. This announcement has been made during the trading hours, today. On BSE, as against an average daily volume of 4.65 lakh shares in the past one quarter, 2.30 lakh shares were traded in the counter.
During the day, the stock hit a high of Rs. 1604.70 and a low of Rs. 1562.10. According to the reports, the stock dated on 8 June 2009, had hit a 52 week high of Rs. 1800 and on 9 March 2009, had a 52 week low of Rs 557.
In the last week, L&T had succeeded an order worth Rs 6897 crore from Maharashtra state power generation company for constructing 1980 MW boiler turbine generator units. The company’s net profit grew 26.10% to Rs 580.40 crore on 3.54% growth in total income to Rs 8136.39 crore in Q2 ended on September 2009 over Q2 ended on September 2008.
According to our research, L&T is India’s largest engineering and construction company in terms of revenue. Recently, on 9 October 2009, L&T had declared arousing Rs. 1872.79 crore through emerging 1.12 crore equity shares at Rs. 1659.30 per share. In addition, the company had also released an offering of foreign currency convertible bonds (FCCBs) for a total amount of up to $200 million.
