L&T's Metallurgical, Material Arm Obtaines Significant Order from CIL

By siliconindia  |  Thursday, 17 September 2020, 04:33:10 PM IST

L&T's Metallurgical, Material Arm Obtaines Significant Order from CIL
Infrastructure company, Larsen and Toubro's  (L&T) metallurgical and material handling arm has secured a significant order from Coal India's (CIL) subsidiary Northern Coalfields. The company did not provide the exact value of the contract but has stated that the orders fall under the significant category that ranges between 1,000 crore and 2,500 crore. 
The order obtained is for coal pressing and load-out package to be installed at the Dudhichua Mines located in Uttar Pradesh. The scope of work involves EPC for a double stream coal sizing system, high capacity specialty conveyors, and an automated loading system. 
Furthermore, CIL is expecting that the production to touch one billion tonnes by 2023-24 to meet the country's rising demand for coal, says L&T in a BSE filing. Additionally, the business has also acquired new and add-on orders from its existing customers. The L&T's classification reports that the valuation of the significant lies between 1000 crore and 2,500 crore.
L&T is an Indian multinational company that is involved in technology, engineering, construction, manufacturing, and financial services. 
On a consolidated level, L&T has reported a 67.3 percent plunge in net profit to 645.07 crore in Q1 June 2020 from Rs 1,972.52 crore in the same period last year. However, net sales stood at 21,259.97 in Q1 FY21 and declined 28.3 percent from 29,635.95 crore in Q1 FY20.
Furthermore, the scrip shed 0.82 percent to 914.40 on the BSE. It had traded in the range of 910 and 918.80 so far during the day. On the technical front, the stock's RSI (relative strength index) stood at 49.676. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
 

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