L&T drops amid volatility

L&T lost 0.96% to Rs 1,455.80 at 10:43 IST on BSE, with the stock sliding amid volatility after the company said it has achieved synchronisation of a power plant unit in Rajasthan in record time.

The announcement was made during market hours today, 4 October 2016.

Meanwhile, the S&P BSE Sensex was up 60.32 points or 0.21% at 28,303.61.

On BSE, so far 48,000 shares were traded in the counter as against average daily volume of 1.64 lakh shares in the past one quarter. The stock was volatile. The stock lost as much as 1.17% at the day's low of Rs 1,452.65 so far during the day. The stock rose as much as 0.69% at the day's high of Rs 1,480.10 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016. The stock had hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had underperformed the market over the past one month till 3 October 2016, sliding 2.17% compared with 1.01% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 4.6% as against Sensex's 4.05% rise.

The large-cap company has equity capital of Rs 186.47 crore. Face value per share is Rs 2.

The 2x660 megawatts (MW) supercritical thermal power project at Chhabra in Rajasthan is being executed by L&T. The project had on 2 October 2016 achieved synchronisation of its first 660 MW supercritical unit (unit-5) in record time of 42 months and 4 days from the date of notice to proceed (28 March 2013).

L&T's consolidated net profit rose 45.5% to Rs 609.60 crore on 9.3% growth in net sales to Rs 21718.61 crore in Q1 June 2016 over Q1 June 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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