Strong order book position bolsters L&T

DALAL STREET SPIKES

Larsen & Toubro hit an all-time high of Rs 827 in intra-day trading after the company announced that ot has won an order worth Rs 187 crore from China.

The stock finally ended 2.8 per cent higher to close at Rs 823.45 with volumes accounting for more than 4.2 lakh shares on the BSE. The counter witnessed volumes of more than 7.75 lakh shares on the NSE.

The stock was re-listed in late June 2004. The new order, for coal gasification equipment, from China's Shenhua Group, takes the company's total value of secured Chinese orders under execution to Rs 452 crore.

L&T's strong order book of over Rs 17,000 crore has attracted renewed buying at this counter, the analysts opined.

Last month, L&T said it expects an overall sales growth of over 25 per cent for current financial year. The margins of the engineering and construction segment are likely to improve during the remaining quarters, it had said.