Larsen & Toubro
was up by 5.3% at around 10:52 AM today and touched a one-month high mark following government's Rs 9 lakh crore package to boost growth and investment demand in the economy. The company is being seen as one of the biggest beneficiaries of the government plan.
The government unveiled the biggest ever highway development plan to develop and expand approximately 83,000 km of roads at an investment of Rs 6.9 lakh crore by 2022, which includes the Phase 1 of Bharatmala project. Under Phase 1 of Bharatmala project, nearly 40,000 km of roads will be expanded and developed at an investment of Rs 3.5 lakh crore in the next 5 years.
Volumes rose to a two-week high, with over 1.8 mln shares of L&T traded on NSE so far today. The stock opened at Rs 1150 and has touched a high and low of Rs 1205.85 and Rs 1150 respectively. The stock is currently trading above its 100 DMA.