L&T Shares Gain After Insurance Stake Sale, Orders of Rs. 2161Cr.

Shares of Larsen & Toubro (L&T) gained nearly a percent intraday Monday after the company sold its general insurance business and received orders worth Rs 2,161 crore. The engineering and infrastructure major sold 100 percent shareholding in its subsidiary L&T General Insurance to HDFC Ergo General Insurance Company for Rs 551 crore. "The share sale is part of company's strategy of exiting from its non-core activity," L&T said in its filing. 

Meanwhile, its construction arm has won orders worth Rs 2,161 crore across various business segments, including major design & build order worth Rs 847 crore from Dedicated Freight Corridor Corporation of India. It said water & effluent treatment business has bagged EPC orders worth Rs 709 crore from Gujarat Water Infrastructure and Rajasthan Urban Drinking Water Sewerage & infrastructure Corporation. Power transmission & distribution and metallurgical & material handling businesses have bagged orders worth Rs 403 crore and 202 crore, respectively. At 11:11 hours IST, the scrip of Larsen and Toubro was quoting at Rs 1,469.45, up Rs 8.45, or 0.58 percent on Bombay Stock Exchange.