L&T drops amid volatility

L&T lost 2.09% to Rs 1682.95 at 15:25 IST on BSE, with the stock sliding amid volatility after the firm said its construction division has secured new orders worth Rs 1027 crore across various business segments in May and June 2014.

The announcement was made during market hours today, 13 June 2014.

Meanwhile, the S&P BSE Sensex was down 371.65 points or 1.45% at 25,204.56.

On BSE, so far 1.99 lakh shares were traded in the counter as against average daily volume of 2.49 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 2.78% at the day's low of Rs 1671 so far during the day. The stock rose as much as 1.34% at the day's high of Rs 1742 so far during the day. The stock hit record high of Rs 1774.70 on 9 June 2014. The stock hit a 52-week low of Rs 678.10 on 28 August 2013.

The stock had outperformed the market over the past one month till 12 June 2014, surging 23.92% compared with Sensex's 8.6% rise. The scrip had also outperformed the market over the past one quarter, jumping 41.06% as against Sensex's 17.02% rise.

The large-cap company has equity capital of Rs 185.54 crore. Face value per share is Rs 2.

L&T's Buildings & Factories business has received orders worth Rs 967 crore. The major order is from a reputed developer for the construction of 19 residential towers (19 floors each) in Bengaluru city involving complete civil, structural and finished works.

In addition, the Buildings & Factories business has also received orders from various ongoing jobs, L&T said in a statement.

Additional orders worth Rs 60 crore have also been received from various ongoing jobs of Heavy Civil Infrastructure, Power Transmission & Distribution and Water & Renewable Energy Businesses, L&T said in a statement.

L&T's net profit surged 52.3% to Rs 2723.48 crore on 11.1% growth in net sales to Rs 20079.10 crore in Q4 March 2014 over Q4 March 2013.

L&T is a $14.3 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.

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