L&T bags key shipping contract from BigLift
Larsen & Toubro Ltd Thursday said it has won a $94.95 million contract for construction of two ships from BigLift Shipping of Netherlands.
By INDIATIMES NEWS NETWORK |
MUMBAI: Larsen & Toubro Ltd Thursday said it has won a $94.95 million contract for construction of two ships from BigLift Shipping of Netherlands.
The vessels will be built at the existing shipyard that is part of L&T's engineering complex at Hazira in Gujarat. Production of the ships is scheduled to commence in June 2008 and the vessels will be delivered by March 2010.
The news took the stock nearly 4% higher to Rs 2,120, making it the top Sensex gainer. So far, it has seen a high of Rs 2,126 and low of Rs 2,015. Traded volume is at 2.04 lakh against the two-week average of 2.38 lakh shares on BSE.
According to media reports, L&T expects to generate Rs 30-40 billion from ship building business in the next five years.
The company plans to set up a shipbuilding yard for big vessels. It currently builds ships with displacement of up to 20,000 dead-weight MT.
L&T had forayed into shipbuilding last year.
The vessels will be built at the existing shipyard that is part of L&T's engineering complex at Hazira in Gujarat. Production of the ships is scheduled to commence in June 2008 and the vessels will be delivered by March 2010.
The news took the stock nearly 4% higher to Rs 2,120, making it the top Sensex gainer. So far, it has seen a high of Rs 2,126 and low of Rs 2,015. Traded volume is at 2.04 lakh against the two-week average of 2.38 lakh shares on BSE.
According to media reports, L&T expects to generate Rs 30-40 billion from ship building business in the next five years.
The company plans to set up a shipbuilding yard for big vessels. It currently builds ships with displacement of up to 20,000 dead-weight MT.
L&T had forayed into shipbuilding last year.
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