Larsen & Toubro has entered into a contract with the Ministry of Defence for the supply of 100 units of 155mm/ 52 calibre tracked self-propelled gun systems to the Indian Army.
L&T in its BSE filing on Friday said that the contract is valued at about Rs 4500 Crore and it is the largest order placed by the Defence Ministry on an Indian Private Company.
It also said that this win affirms L&T’s position as India’s leading private sector defence company with capabilities to design, develop and manufacture state-of-the -art platforms and systems for the Indian armed forces.
This contract embodies the Government’s ‘Make in India’ initiative, it also added.
Stock view –
Larsen & Toubro Ltd is currently trading at Rs 1741, up by Rs 4.75 or 0.27% from its previous closing of Rs 1736.25 on the BSE.
The scrip opened at Rs 1736.25 and has touched a high and low of Rs 1757.25 and Rs 1727.55 respectively. So far 1198082(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 162039.22 crore.
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1771 on 27-Apr-2017 and a 52 week low of Rs 1224 on 24-May-2016. Last one week high and low of the scrip stood at Rs 1765 and Rs 1704 respectively.
The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 56.02 % and 42.09 % respectively.
