L&T bags order for residential towers in Thane; stock up 2%

Larsen & Toubro (L&T) has secured an order under its buildings and factories vertical from a real-estate developer to construct multi-storeyed residential towers in Thane, Mumbai.

The said contract is worth between ₹1,000 crore to ₹2,000 crore.

The project’s scope includes the construction of the core and shell works for five towers which have 62 floors and an allied parking area comprising basements, ground, and five podiums, L&T has said in its statement.

Commenting on the development, M V Satish, Whole-time Director & Senior Executive Vice President (Buildings), L&T, said, “With the economy showing encouraging positive movement, we see good opportunities in the residential buildings sector.

“We have executed some unique and prestigious structures over the past few years and recently have been introducing new technologies and advanced methods to fast-track construction that is becoming increasingly green and sustainable and, at the same time, reflecting the spirit of Atmanirbhar Bharat. We see this order as another opportunity for us to delight our customers.” he added.

L&T stock closed 2.02 per cent higher at ₹3,363 on the NSE.