Read more about L&T arm wins contract worth up to Rs 5,000 cr from Rail Vikas Nigam on Business Standard. The scope of the project includes construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag
The equity barometers were hovering near the day s low in mid-morning trade. The Nifty reclaimed 14,300 mark after slipping below that level. All the sectoral indices on the NSE were in the red. Metal, realty and pharma stocks witnessed steep selling pressure.
At 11:26 IST, the barometer index, the S&P BSE Sensex, fell 267.53 points or 0.55% at 48,767.20. The Nifty 50 index declined 99.75 points or 0.69% at 14,333.55.
The broader market tumbled. The S&P BSE Mid-Cap index tumbled 1.77% while the S&P BSE Small-Cap index declined 1.78%.
The market breadth was weak. On the BSE, 706 shares rose and 2026 shares fell. A total of 137 shares were unchanged.
The construction arm of Larsen & Toubro (L&T) has secured a large order for its heavy civil infrastructure business from Rail Vikas Nigam (RVNL) for Package 4 of the New Broad-Gauge Line between Rishikesh and Karanprayag in Uttarakhand.
As per L&T s classification, the valuation of the large contract lies between Rs 2,500 crore to Rs 5,000 crore. The scope of the project includes construction of tunnels, formation, construction shaft, and other ancillary works from chainage 47+360 to 63+117 km between Rishikesh and Karanprayag. The announcement was made during market hours today, 18 January 2021.
S.V. Desai, the whole time director & senior executive vice president (civil infrastructure), said: Establishing a rail link between Rishikesh and Karanprayag will not only facilitate easy access to Uttarakhand s pilgrimage sites, but also enable development of backward areas, connect new trade centres, and serve the resident population. The railway line traverses rugged Himalayan ter