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  5. L&T shares rise after Supreme Court scraps MMRDA tender; details here

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L&T shares rise after Supreme Court scraps MMRDA tender; details here

Upstox
By Upstox News Desk

3 min read | Updated on May 30, 2025, 13:47 IST

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SUMMARY

The top court on Friday questioned MMRDA and asked for reasons behind the disqualification of L&T from bidding for a ₹6,000 crore Thane-Ghodbunder to Bhayandar tunnel and elevated road projects in Mumbai

Stock list

LT
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Larsen & Toubro

Shares of L&T were trading at ₹3,673 apiece on the National Stock Exchange, rising 0.48%. | Image: Shutterstock

Shares of infrastructure major Larsen and Toubro (L&T) gained over 1% on Friday, May 30, after the Mumbai Metropolitan Region Development Authority (MMRDA) told the Supreme Court that it has decided to scrap the tender.

The top court on Friday questioned MMRDA and asked for reasons behind the disqualification of L&T from bidding for a ₹6,000 crore Thane-Ghodbunder to Bhayandar tunnel and elevated road projects in Mumbai.

According to a Bar and Bench report, a Bench of Chief Justice of India (CJI) BR Gavai and Justice Augustine George Masih expressed concerns over L&T's exclusion, observing that the company was instrumental in the rescue of workers in Uttarakhand and has built projects like the Central Vista.
Also read: Muthoot Finance, Manappuram shares surge up to 8%; here's why gold loan financiers are surging

Following this, shares of L&T were trading at ₹3,673 apiece on the National Stock Exchange, rising 0.48%. It had jumped 1.08% to touch an intraday high of ₹3,695.30 per share.

The construction giant had submitted its technical and financial bids on December 30, 2024. The technical bids were opened on January 1, 2025, but the company claimed it received no communication thereafter. L&T further pointed out MMRDA's non-communication violated the principles of fairness and transparency in the tendering process.

Senior Advocate Abhishek Manu Singhvi, appearing for L&T, highlighted that the company selected for the project lacks credentials and stressed that the process has been opaque, Bar and Bench reports further said.

Meanwhile, Solicitor General Tushar Mehta, also representing MMRDA along with Senior Advocate Mukul Rohatgi, requested that the matter be heard on Saturday, citing discussions with the executive.

March quarter earnings

Larsen and Toubro had reported a 25% increase in its consolidated profit after tax (PAT) at ₹5,497.26 crore for the quarter ending March 31 of the financial year 2024-25. The company had seen a profit of ₹4,396.12 crore in the same quarter of the previous fiscal year.

Its revenue from operations for the quarter under review was at ₹74,392.28 crore, marking a growth of 11% from ₹67,078.68 crore reported in the fourth quarter of FY24.

For Q4 FY25, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 13.4% year-on-year (YoY) to ₹8,202 crore as against ₹7,234 crore in Q4 FY24. Its margin came in at 11% in contrast to 10.8% registered in the corresponding quarter of the previous fiscal.

Also read: Larsen and Toubro Q4: Net profit jumps 25%, revenue rises; board recommends dividend of ₹34 per share

Larsen & Toubro won orders of ₹ 356,631 crore at the group level during the year ended March 31, 2025, registering a sizable growth of 18% YoY.

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