Larsen & Toubro Ltd. bagged new orders worth Rs 1,000 crore to 2,500 crore from Uttar Pradesh Metro Rail Corp. for the design and construction of Agra Metro. The phase 1 and line-2 stretch will run from Agra Cantonment to Kalindi Vihar, the construction giant said in an exchange filing on Wednesday.
The scope of works involves the design and construction of a 15.09 km elevated viaduct, 14 stations and a 2.61 km depot connecting the metro line from Sadar Bazar to PAC Depot, it said.
Architectural finishes for the stations, as well as electrical and mechanical works are also in scope, the filing said. This project marks a key milestone in enhancing urban mobility in Agra, and will be completed by 30 months, it said.
“L&T remains at the forefront of urban infrastructure development and contributing to the modernisation of India's metro networks in line with its strategic goals," S V Desai, senior executive vice president (Infrastructure), said in the statement. "This project will leverage L&T’s extensive expertise in engineering and high-quality execution."
The company classifies a 'significant order' as orders valued between Rs 1,000 crore and 2,500 crore.
Buy The Larsen & Toubro Underperformance, Says Jefferies
L&T's share price was trading 0.28% lower at Rs 3,542 apiece, compared to a 0.13% advance in the benchmark Nifty 50 as of 10:46 a.m.
It has risen 15% during the last 12 months and has declined by 0.48% on a year-to-date basis. The relative strength index was at 44.
Thirty out of the 36 analysts tracking the company have a 'buy' rating on the stock, four suggest a 'hold' and two have a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 12.2%.
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