L&T trades high on entering an MoU with Atomstroyexport

Larsen & Toubro is currently trading at Rs 842, up by 18 points or 2.18% from its previous closing of Rs 824 on the BSE.

The scrip opened at Rs 810 and has touched a high of Rs 851 with a low of Rs 798.05. So far 5,60,625 shares were traded on the counter.

The BSE group ‘A’ CG sector stock of face value Rs 2 has touched a 52 week high of Rs 3,262 on May 5, 2008 and a 52 week low of Rs 557 on March 9, 2009.

The BSE CG index is currently trading at 7,734.18, up by 3.23% from its previous closing.

The scrip price has witnessed upswings of 4.39% since last week and 36.92% since last month.

Larsen & Toubro (L&T) has signed a Memorandum of Understanding (MoU) with Atomstroyexport (ASE) of Russia for co-operation between the two companies for Russian design reactors VVER 1000.

According to the signed document, L&T and ASE will co-operate in the construction of Kudankulam new power units, as well as during construction of plants under the Russian designs with VVER reactors at new sites in India, and also in other countries.

The MoU will form the basis of co-operation between the companies and address needs for equipment & other services arising from the agreement signed between India & Russia on December 05, 2008, for four additional reactors KK3-6 at Kudankulam, Tamil Nadu and other Russian reactors at new sites in India. The company has played an important role in construction, piping & erection services for the KK1-2 VVER’s at Kudaniculam.

L&T is the only Indian company to be accredited by ASME (American Society of Mechanical Engineers) to use its ‘N’ and ‘NPT’ stamps for critical nuclear reactor equipment.