Larsen & Toubro gains on bagging government order for smart meters

NEW DELHI: Shares of Larsen & Toubro ended slightly higher on Tuesday after the company bagged half of the government's order to supply 5 million smart metres for its energy efficiency programme.

Following the development, the stock advanced 0.17 per cent to close at Rs 1,142.80 on BSE. It opened at Rs 1,152 and touched an intraday high and low of Rs 1,155.10 and Rs 1,140.10 respectively.

"L&T has won the bid for smart metres and is eligible for 50 per cent of the order," Saurabh Kumar, managing director of EESL, told ET. The company has quoted a price of Rs 2,722 per metre, more than 40 per cent lower than the market price, he added.

Fourteen metre manufacturers had participated in the bidding process which took place on Monday.

For the quarter ended June 30, 2017, the company reported total revenue at 14,086.14 crore and net profit stood at 558.14 crore.

The scrip touched its fresh 52-week high of Rs 1,249.95 on September 20, 2017 and its 52-week low of Rs 863.97 on November 9, 2017.