L&T corrects on profit selling

Larsen & Toubro (L&T) tumbled 4.99% to Rs 1223.35 as the counter witnessed profit booking today.

On the BSE, over 12.31 lakh shares of the company were traded so far, a 3.98 time spurt as compared to the two-week average trading volume of 3.09 lakh shares. The scrip slumped 9.99% to hit the day's low at Rs 1154.85 today.

In the past one month, the stock has gained 8.67% while the benchmark S&P BSE Sensex has added 4.67% during the same period.

L&T Defence, the defence arm of Larsen & Toubro, has been awarded the coveted 'Green Channel Status' for major Naval weapon delivery systems from the Directorate General Quality Assurance (DGQA), Ministry of Defence (MoD), Government of India.

The grant of Green Channel Certificate to a firm provides deemed registration status, waiver of pre-dispatch inspection and acceptance of stores under supplying firm's guarantee or warranty against the contracts concluded by various procurement agencies under MoD. L&T Defence was accorded the status after stringent audits of its production facilities, quality systems, and products, carried out by the DGQA.

L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue.

On a consolidated basis, the company's net profit surged 118.43% to Rs 5,520.27 crore on 12.15% decline in net sales to Rs 31,034.74 crore in Q2 September 2020 over Q2 September 2019.

Powered by Capital Market - Live News