Larsen & Toubro hits 52-week low post Q2 results

The stock touched 52-week low of Rs 1,400, down 5% on the BSE.

Shares of Larsen & Toubro (L&T) has touched 52-week low of Rs 1,400, down 5% on the BSE after the company said the ground level inputs indicate that it may take further time for significant pick-up in business opportunities.

Slowing global economics, depressed commodity prices, weakening currencies and capital outflows are constraining the growth prospects of emerging economics. Uncertainties in the financial markets and excess capacities across the world have also impacted the investment sentiment, L&T said in a future outlook.

Meanwhile, the company engaged in construction & engineering business has reported 16% year-on-year (YoY) growth in consolidated net profit at Rs 996 crore for the quarter ended September 30, 2015 (Q2). Consolidated net sales grew 10.6% at Rs 23,393 crore on YoY basis.

Analysts on an average had expected profit of Rs 910 crore and net sales of Rs 23,051 crore for the quarter.

Consolidated order book of the group stood at Rs 244,097 crore, higher by 14% on YoY basis with international order book constituting 28% of the order book.

At 03:05 PM, the stock was down 4% at Rs 1,414 on the BSE as compared to 0.61% decline in S&P BSE Sensex. A combined 7.21 million shares changed hands on the counter on the BSE and NSE.