The S&P BSE Sensex closed 238 points lower, down by 0.38% at 62,388.07. While, NSE Nifty 50 ended the trading day 91 points lower, down by 0.49X% at 18,551.75.
L&T Construction secured orders from ArcelorMittal Nippon Steel India to carry out their expansion plans in Gujarat and Odisha.
The stock was up 1.34% on Wednesday, trading at three times the 30-day average volumes.
Of the 42 analysts tracking the company, 41 maintained a 'buy' and one recommend 'sell'. The return potential of the stock implies an upside of of 7.4% in over the next 12 months.
The orders comprise installation of two blast furnaces at Hazira, Gujarat, building a 6 MTPA ore beneficiation plant at Sagasahi, Odisha among others.
L&T defines ‘mega’ orders as those valued above Rs 7,000 crore.
The National Investment and Infrastructure Fund will invest in three of GMR’s airport projects, including the greenfield international airports at Mopa, Goa and Bhogapuram, Andhra Pradesh.
NIIF will invest Rs 631 crore in GMR Goa International Airport.
This investment will be NIIF’s first investment in an airport asset in India.