L&T gains nearly 1% on BSE

Engineering major Larsen & Toubro (L&T) today settled nearly one per cent higher, after hitting a month high on the BSE, buoyed by reports that its infrastructure finance subsidiary plans to raise Rs 700 crore.

L&T ended the session at Rs 1,920.65 on the Bombay Stock Exchange, up 0.88 per cent from the previous close. The scrip touched a month-high of Rs 1,925, up 1.1 per cent during the day.

Marketmen said the stock advanced on the fund raising buzz, coupled with the strong investor sentiment amid a firm broader market.

According to media reports, the company's non-banking finance subsidiary, L&T Infrastructure Finance, intends to raise Rs 700 crore through tax-free infrastructure bonds by December 2010.

Also, SBI Capital, JM Financial and ICICI Securities will be the bankers to the issue, reports said.

The counter witnessed a similar upmove on the National Stock Exchange and closed at Rs 1,923.80, up 1.01 per cent. On the volume front, 10.14 lakh shares changed hands on the two bourses.

Meanwhile, the broader gauge Sensex settled on a positive note at 19,346.96 points, up 0.72 per cent from the previous close.