Larsen & Toubro (L&T), an engineering and construction conglomerate, gained on Tuesday after it announced the power transmission & distribution business of L&T Construction has bagged a major contract worth Rs 24.42 billion from Bharat Sanchar Nigam, the project implementation agency for the Ministry of defence.

The contract is for supply, trenching, laying, installation, testing and commissioning of optical fiber cable (OFC) network which will establish optical national long distance backbone and optical access routes for the defence network. The project is scheduled to be completed in a stringent time frame of 18 months.

Shares of the company are trading at Rs 1,724.20, up Rs 22.60, or 1.33% at the Bombay Stock Exchange (BSE) on Tuesday at 12:37 p.m.

The scrip has touched an intra-day high of Rs 1,725 and low of Rs 1,707.40. The total volume of shares traded at the BSE is 77,892.