Shares of Larsen and Toubro (L&T) were trading in the green and 1% higher on 16 January after the company announced that its construction subsidiary secured a ‘mega order’ for setting up an electrification system for the bullet train project in India.

In its regulatory filing, the company said, “The railways strategic business group of L&T Construction has secured a mega contract to ….construct 508 route km of high-speed electrification system works for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the bullet train project.”

When this electrification system is finished, trains will be able to reach speeds of up to 320 km/h.

This project is funded by the Japan International Cooperation Agency (JICA), and it is being implemented on behalf of National High-Speed Rail Corporation Ltd. by an authorised Japanese agency.

L&T categorises an order as “mega” if its worth falls within the range of Rs 10,000 to Rs 15,000 crore, although the company has not disclosed the exact contract value.

At 3:30 pm, the shares of Larsen and Toubro closed 0.99% higher at Rs 3,578 on NSE.