L&T board to consider share buyback next week, Co bags mega order from bullet train project

The board of directors of the major infrastructure company Larsen & Toubro will meet next week to consider a proposal to buy back shares and pay a special dividend for the 2023-24 fiscal year, according to a regulatory filing.

Larsen and Toubro said in a statement that the proposals will be addressed at the company’s board meeting scheduled for July 25.

The company announced in a separate filing on Friday that its construction unit, L&T Construction, has been awarded a ‘mega’ contract from National High Speed ​​Rail Corporation Limited (NHSRCL) to build the 135.45km MAHSR C3 bundle which is part of the prestigious Mumbai-Ahmedabad high-speed railway project.

The scope of the MAHSR C3 package includes the construction of bridges and major stations

River bridges, warehouses, tunnels, underground structures, stations and other auxiliary works.

The 508-kilometre Mumbai-Ahmedabad high-speed railway project, also called the MAHSR Bullet Train project, will cover 155.76 kilometers in Maharashtra, 4.3 kilometers in the union territory of Dadra and Nagar Haveli and 348.04 kilometers in Gujarat with 12 stations along the route.

L&T has not disclosed the financial value of the contract but as per its rating, the huge order is worth more than Rs 7,000 crore.

L&T shares rose nearly 4 per cent to a 52-week high of Rs 2,594.40 on BSE after huge demand won. The stock closed up 3.88 per cent at Rs 2,586.25 and was the main gainer among Sensex shares.

L&T’s Board of Directors will consider approving its first-quarter 2023-24 financial results on July 25.