L&T hit a day high of Rs 4,083.60 on Thursday after bagging a Rs 2,500-5,000 crore Dubai airport contract with Mitsubishi Heavy Industries.

The contract itself is for an automated people mover, essentially a driverless train that will carry passengers between terminals at Dubai’s upcoming Al Maktoum International Airport.

L&T is building it in partnership with Japan’s Mitsubishi Heavy Industries, and the scope is broad. Between the two companies, they’ll handle the tracks, power supply, signalling, onboard communication systems and even the platform screen doors.

It’s a full turnkey job, so L&T stays involved from design right through to the day the system is ready to carry passengers.

Ramkumar S, who leads L&T’s transportation infrastructure business, said the project plays to the company’s strength in delivering large, complex rail systems.

The airport is being developed by Dubai Aviation City Corporation, and once fully built, it’s expected to become the world’s largest, with capacity for 260 million passengers a year.

This win also isn’t an isolated event. L&T has picked up a steady run of large and mega-sized orders over the past month, adding to what was already a full order book for the year.

By 13:15 pm, the stock had settled at Rs 4,080.50, up 0.97% on the day. Zoom out a little and the picture looks decent too, shares are up close to 6% over the past month, though they’re still down around 1.5% to 2% since the start of the year.

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