Larsen & Toubro shares rally 6%; m-cap improves by Rs 117.59 bn

Shares of Larsen & Toubro on Monday settled with gains of over 6 per cent on the bourses, following which the market capitalisation of the company improved by Rs 117.59 billion.

During the day the stock of the company opened at Rs 1,300, then gained further ground and touched an intra-day high of Rs 1,331.00, up 7.31 per cent over its previous closing price on BSE.

At the end of Monday's trading session, the stock was at Rs 1,323.95, up 6.74 per cent. Following the uptick in the counter, market capitalisation of the company improved by Rs 117.59 billion to Rs 1,85,6.16 billion at the end of Monday's trading on BSE.

On the NSE, the stock opened at Rs 1,300, then jumped 7.39 per cent to touch an intra-day high of Rs 1,331.90, and finally settled for the day at Rs 1,323.05, up 6.68 per cent.

In a regulatory filing on August 18, the company had said that, “the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on Thursday, August 23, 2018.”

According to the company's internal code for prevention of insider trading, "the trading window for dealing in the securities of the company will be closed for the company's directors/officers and designated employees of the company from Monday, August 20 2018, till Friday, August 24 2018, (both days inclusive)", the filing added.

Brokers said the uptick in the broader market also helped investor sentiments. 

The 30-share Sensex on Monday settled for the day at 38,278.75, higher by 330.87 points or 0.87 per cent.