Larsen & Toubro bags Oman railway facility contract; Shares closed 0.26% lower | Stock Market News
Source: Live Mint
Indian construction major Larsen & Toubro (L&T) and Power China have been awarded a contract to build key railway facilities for the Oman-UAE railway project, Hafeet Rail, according to a Saudi Gulf Projects report on Monday, February 10.
According to the news portal’s report, the nation has signed a strategic design and build contract with Larsen and Toubro (L&T) and has given Power China a contract to construct railway logistics facilities in the cities of Al Buraimi and Sohar in Oman.
The new designs are set to meet global freight handling standards, securing seamless transportation and handling of bulk, containerised, and breakbulk cargo, enhancing efficiency and multimodal connectivity, according to the news report.
“The signing of these agreements represents a transformative step in advancing economic integration between the UAE and Oman. This strategic initiative strengthens both nations’ positions as key trade and logistics hubs, fostering greater economic diversification, industrial expansion, and cross-border investment,” Ahmed Al Musawa Al Hashemi, the Chief Executive Officer (CEO) of Hafeet Rail, told the news portal.
L&T Share Price
Larsen & Toubro shares closed 0.26 per cent lower at ₹3,328.60 after Monday’s trading session, compared to ₹3,337.40 at the previous market close. The shares recovered marginally on Monday but ended up closing lower.
L&T shares hit their 52-week high level at ₹3,963 on December 12, 2024, while the 52-week low level was at ₹3,175.50 on June 6, 2024, according to data collected from the BSE website.
Shares of Larsen & Toubro (L&T) have given stock market investors a 157 per cent return on their investment in the last five years and 0.89 per cent in the last one-year period. However, the shares were trading 9.23 per cent lower on a year-to-date (YTD) basis.
The company reported a 14 per cent year-on-year (YoY) in its consolidated net profit to ₹3,358.84 crore, compared to ₹2,947.36 crore in the same period the previous financial year.
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