Larsen & Toubro (L&T) advanced 2.13% to Rs 2,138.35 after the EPC major announced that its construction arm has secured ‘mega' orders for its minerals and metals (M&M) business.  
 
As per L&T classification, the value of the mega project is above Rs 7,000 crore. 

The EPC company said that the M&M business of L&T construction secured various orders in the iron & steel and beneficiation sectors from ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between the two global steel giants, to carry-out their expansion plans in Gujarat and Odisha. 

The orders comprise installation of two blast furnaces of 3.5 million tonnes per annum (MTPA) capacity each on EPC basis at Hazira Plant in Gujarat. The scope includes associated supplies, construction, installation of both units, blast furnaces 2 and 3 concurrently in a phased completion. 

In the same complex, M&M will carry out the installation of a Steel Melt Shop of 6 MTPA capacity with detailed design and engineering for the entire plant, supply of identified items and complete construction. The scope includes plant layout, installation of steel making facility, secondary metallurgy, and slab casting units concurrently within the agreed schedule, L&T stated in the press release. 

Further the company added that M&M will build a 6 MTPA ore beneficiation plant at Sagasahi in Odisha on EPC basis. 

The minerals & metals business offers complete EPC solutions for the mining, minerals & metals sectors across the globe. The business undertakes end-to-end engineering, procurement, manufacturing, supply, construction, erection, and commissioning of the projects covering the complete spectrum from mineral processing to finished metals. 

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. 

The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.