Larsen & Toubro gains in early trade today after the company inaugurated its manufacturing facility for switchgear products at Vadodara in Gujarat on Thursday.
The facility will manufacture air circuit breakers and mould case circuit breakers and the company has targeted to achieve annual revenues of Rs 4,600 crore.
The stock rose 1 percent to Rs 1,422.50 on the Bombay Stock Exchange, while the BSE Sensex was up 104 points, or 0.61 percent at 17,337.
L&T Chairman and Managing Director A M Naik said, “The new Vadodara switchgear facility is an investment for the future. It forms part of the wide ranging initiatives we are taking forward … The facility will enable us to elevate switchgear manufacturing technology to the next level, and advance further in our goal to upgrade India’s manufacturing capabilities.”
Talking about the company, Naik also said that slowdown in the economy has not affected L&T’s plans.
Naik said that it was laudable that the country managed to build fresh capacity to generate about 60,000 MW of power during the 11th five year plan because in the earlier five year plans, additional power generation used to be only about 20,000 to 25,000 MW.
He also stressed the need to address the problem of fuel needed for setting up new power projects or expanding capacities of existing power plants.
Naik who met Akhilesh Yadav after he took over as UP Chief Minister said, “L&T is ready to set up power plants in Uttar Pradesh provided availability of fuel is ensured and other related issues are resolved.”
Naik also recalled his meetings with West Bengal chief minister Mamata Banerjee and Tamil Nadu chief Minister Jayalalithaa, both of whom have welcomed investment by L&T in their states.
With inputs from PTI