L&T gains on sustained institutional buying

DALAL STREET SPIKES

Engineering major L&T was in limelight gaining more than 5 per cent in intra-day on sustained buying. The stock hit an all-time high of Rs 1,011 before closing at Rs 999.50, up 4.96 per cent from its previous close. More than 7.12 lakh shares changed hands on the BSE on Friday.

Dealing room sources said that the counter has been attracting institutional buying on strong fundamentals and some positive announcements from the company.

From a recent low of Rs 846 on November 19, the stock has now appreciated 18.08 per cent to Friday's close of Rs 999.50. The company's strong book order is attracting aggressive buying at the counter, the analysts said.

As on March 2004, L&T's order book stood at Rs 16,961 crore, 24 per cent higher than the previous year. The buzz in the market is that the company is close to buy out an overseas specialised engineering company to scale up its operation.