Shares of Larsen & Toubro (L&T) witnessed a significant 3 per cent surge to ₹2,558.30 following the company’s announcement of its first-ever share buyback. The stock had hit a lifetime high at ₹2,572 earlier in the day.

L&T’s board meeting scheduled for July 25 will discuss the proposal for an equity share buyback and a special dividend on equity shares for FY24.

Meanwhile, L&T’s Heavy Civil Infrastructure business secured a mega contract from the National High-Speed Rail Corporation Limited (NHSRCL). The contract entails the construction of a 135.45-kilometer stretch for the Mumbai-Ahmedabad High-Speed Rail Project. This project contributes to 92 per cent of the main line between Shilphata in Maharashtra and Ahmedabad in Gujarat.

The company operates across various sectors, including Transport Infrastructure, Heavy Civil Infrastructure, Smart World and Communication, and Power Transmission and Distribution. The recent contract win for the mega rail project and the announcement of the share buyback have strengthened investor confidence.

Shares went up by 3 per cent to ₹2558.30 at 12:00 p.m. on BSE.