Stock Report

Prestige Group signs civil contract with Larsen and Toubro

Posted On : 2021-12-24 18:29:16( TIMEZONE : IST )

India's leading real estate developer, Prestige Group, recently signed a massive civil contract worth INR 1,560 crores excluding GST with premier infrastructure manufacturer and multinational conglomerate Larsen and Toubro (L&T), for construction of buildings and infrastructure development at the Prestige City, Bengaluru.

The contract has been signed between management at Prestige Group by a team ably led by Dr. Rezwan Razack, Managing Director and Mr. Prashanth B. K., AVP - Contracts, along with the management at L&T. The scope of work involves construction of towers and villas, comprising of 6,768 apartments over 39 towers which are average 30 levels high with four club houses and 149 villas with club house. The volume of work broadly involves building structures and finishes for 13 million sft of built up area.

Commenting on the signing of this momentous contract, Dr. Rezwan Razack said, "This partnership between Prestige Group and L&T, endeavors to accelerate growth for both companies in the space of community and township style developments. The Prestige City, is a unique and ultra-modern project, built to suit the fast paced needs of our urban customers and this strategic contract agreement aims to leverage the respective strengths, expertise and capabilities of the Prestige Group and L&T to create compelling and high-quality infrastructure for our residents."

On the development, Mr. M V Satish, Whole Time Director and Senior Executive Vice President (Buildings) at L&T, said, "At L&T, we always put a premium on client associations and our relationship with the Prestige Group has been a particularly fulfilling one of shared vision, objectives and commitment. Winning this order is a re-affirmation of the trust that the Group reposes in L&T to deliver housing infrastructure to quality and time. With our innovative and modern construction methods and techniques we are confident to meet our client's expectations by building wonderful homes for their customers."

Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 1859.50 as compared to the previous close of Rs. 1877.10. The total number of shares traded during the day was 35807 in over 2702 trades.

The stock hit an intraday high of Rs. 1885.00 and intraday low of 1850.30. The net turnover during the day was Rs. 66613531.00.

Shares of Prestige Estates Projects Limited was last trading in BSE at Rs. 467.25 as compared to the previous close of Rs. 471.90. The total number of shares traded during the day was 29022 in over 1650 trades.

The stock hit an intraday high of Rs. 473.00 and intraday low of 459.00. The net turnover during the day was Rs. 13468088.00.