L&T shares rise on hopes of contract for bullet train project

Shares of Larsen & Toubro (L&T) rose over three per cent on the hopes of bagging the contract for constructing the 237 km length of the bullet train project under the Mumbai-Ahmedabad high-speed rail corridor.

The engineering and infrastructure major has emerged as the lowest bidder for constructing the bullet train project.

The financial bids for the design and construction of 237 km length of viaduct for 508 km of Mumbai-Ahmedabad high-speed rail corridor were opened on Monday and Larsen and Toubro emerged as the lowest bidder, said a statement from the Indian Railway.

On Tuesday, shares of L&T surged 3.6 per cent on the BSE to touch an intra-day high of Rs 935.60 per share.

At 9.43 a.m., its share price was at Rs 927.55, higher by Rs 24.55 or 2.72 per cent from its previous close..