L&T Secures Significant Orders In Construction Business

The water and effluent business of Larsen & Toubro (L&T) construction arm bagged significant contracts.

  • Gujarat Water Infrastructure has placed EPC order for a pipeline project to enhance water supply to Amreli, Junagadh, Botad and Rajkot.
  • The international arm of the business secured a project from a client in Dubai for supply, installation, testing and commissioning of water distribution network and large meter connections.
  • L&T defined significant contracts as those in the value range of Rs 1,000 crore to Rs 2,500 crore.
  • Shares of L&T rose nearly 0.9% in intraday trade. The stock traded with 0.35% gains as on 11:25 a.m.
  • Of the 43 analysts tracking the company, 41 maintain ‘buy’, one recommends ‘hold’ and one suggests ‘sell’. The overall consensus price of analysts tracked by Bloomberg implies an upside of 31.1%.

Sobha Names Jagadish Nangineni As Managing Director From April 1

Sobha has appointed Jagadish Nangineni as an additional director in the capacity of Wholetime Director designated as Managing Director and Key Managerial Personnel.

  • The appointment, effective from April 1, will be valid for term of five years.
  • Jagadish Nangineni succeeds Jagdish Chandra Sharma whose resignation has been accepted by the board.

Power Mech Surges The Most In Over Two Weeks On Rs 2,120 Crore Order Win Under Jal Jeevan Mission

Shares of Power Mech Projects surged 4.5% after it bagged orders worth Rs 2,120 crore under Jal Jeevan Mission programme.

  • The orders, from one of leading infrastructure construction firms, pertain to the provision of functional household tap connection
  • under Jal Jeevan mission in 2,120 villages in Pratapgarh, Fatehpur and Meerut in Uttar Pradesh.
  • This is the biggest intraday gain for the stock in over two weeks.

Source: Exchange filing, Bloomberg

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