Shares of Larsen and Toubro (L&T) received an additional boost on Friday after the firm won a major contract in the city of Mumbai.

What Happened: The Heavy Civil Infrastructure division of L&T Construction has been handed a large contract for an underground road tunnel project in Mumbai by the Mumbai Metropolitan Region Development Authority (MMRDA).

The project entails the design and construction of twin road tunnels that will connect Orange Gate, Eastern Free Way, and Marine Drive Coastal Road, according to a press release. Additionally, these tunnels will be linked to the existing elevated Eastern Freeway at Orange Gate and to the Marine Drive at Mumbai.

The project is worth more than ₹7,000 crore.

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The proposed project, primarily slated to be constructed under the Sardar Vallabhbhai Patel Road, is expected to be completed within a span of 54 months. This project is in line with L&T’s strategic goal of developing faster and more dependable mass transit systems.

Jefferies maintained its “buy” rating for the stock with a price target of ₹3,050. The research firm said that the construction giant has made 44% of the announcements that it expected in Q2. The brokerage expects a ₹62,000 crore order flow in Q2.

Price Action: L&T was trading in the black on Friday, though it had pared some early gains in the session to trade 0.24% higher at ₹3,017.35.

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