L&T drops in early trade

L&T fell 0.22% at Rs 1,426.90 at 9:20 IST on BSE, with the stock sliding in early trade tracking weakness in the broader market.

The S&P BSE Sensex was down 265.87 points or 1.04% at 25,350.97.

On BSE, so far 24,000 shares were traded in the counter as against average daily volume of 2.99 lakh shares in the past two weeks.

The stock hit a high of Rs 1,429.50 and a low of Rs 1,416 so far during the day.

Meanwhile, L&T announced after market hours yesterday, 28 September 2015, that its subsidiary, Larsen & Toubro Infotech, filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) on 28 September 2015 to undertake an initial public offering (IPO) of its equity shares. The issue comprises of an offer for sale of up to 1.75 crore equity shares of the face value Re 1 each by L&T.

On a consolidated basis, L&T's net profit fell 37.3% to Rs 606.19 crore on 5.2% increase in total income to Rs 20509.53 crore in Q1 June 2015 over Q1 June 2014.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide.

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