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NEW DELHI: Bears on Friday pummeled frontline stocks with auto and IT being the leading lags, wiping off Rs 2 lakh crore from the equity markets. The onslaught extended to the sixth day as the Economic Survey failed to cheer Dalal Street.
Apart from the abundance of caution ahead of the Union Budget, sentiments have been dented due to selling by foreign institutional investors who have driven the market higher in the past 10 months.
The 30-share pack Sensex tanked 588.59 points or 1.26 per cent to close at 46,285.77 as the index shed over 3,500 points in the past 6 sessions. Its broader peer NSE Nifty slid 182.95 points or 1.32 per cent to 13,634.60.
Read more about L&T arm wins contract worth up to Rs 5,000 cr from Rail Vikas Nigam on Business Standard. The scope of the project includes construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag
L&T bags Uttarakhand project from Rail Vikas Nigam ANI | Updated: Jan 18, 2021 14:44 IST
Mumbai (Maharashtra) [India], January 18 (ANI): Infrastructure major Larsen & Toubro (L&T) said on Monday its construction arm has bagged an order from Rail Vikas Nigam in the range of Rs 2,500 crore to Rs 5,000 crore.
The order entails heavy civil infrastructure work for a new broad-gauge line between Rishikesh and Karanprayag in Uttarakhand running through Himalayan terrain.
It involves the construction of 14.577 km up-line and 13.12 km down-line tunnel with embankments of 800 metres at both ends. The project is scheduled to be completed in five years. Establishing a rail link between Rishikesh and Karanprayag will not only facilitate easy access to Uttarakhand s pilgrimage sites but also enable the development of backward areas, connect new trade centres and serve the resident population, said S V Desai, Whole-time director and Senior Executive Vic
Larsen & Toubro (L&T) on Monday said its construction arm has bagged an up to Rs 5,000 crore contract from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand. The construction arm of L&T has secured a large order for its heavy civil infrastructure business from Rail Vikas Nigam Ltd (RVNL) for package 4 of the new broad-gauge line between Rishikesh and Karanprayag in Uttarakhand, India, the company said in a regulatory filing. The engineering and construction company did not provide the exact value of the contract, but as per its project classification, large orders are those valued between Rs 2,500 crore and Rs 5,000 crore.
The equity barometers were hovering near the day s low in mid-morning trade. The Nifty reclaimed 14,300 mark after slipping below that level. All the sectoral indices on the NSE were in the red. Metal, realty and pharma stocks witnessed steep selling pressure.
At 11:26 IST, the barometer index, the S&P BSE Sensex, fell 267.53 points or 0.55% at 48,767.20. The Nifty 50 index declined 99.75 points or 0.69% at 14,333.55.
The broader market tumbled. The S&P BSE Mid-Cap index tumbled 1.77% while the S&P BSE Small-Cap index declined 1.78%.
The market breadth was weak. On the BSE, 706 shares rose and 2026 shares fell. A total of 137 shares were unchanged.