L&T drops in volatile trade

The company announced the new order win during trading hours today, 10 June 2013.

Meanwhile, the S&P BSE Sensex was up 34.39 points or 0.18% at 19,463.62.

On BSE, 1.25 lakh shares were traded in the counter as against average daily volume of 2.35 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 0.32% at the day's low of Rs 1,408 so far during the day. The stock rose as much as 1.43% at the day's high of Rs 1,432.90 so far during the day. The stock had hit a 52-week high of Rs 1,719.50 on 29 October 2012. The stock had hit a 52-week low of Rs 1,255 on 7 June 2012.

The stock had underperformed the market over the past one month till 7 June 2013, sliding 10.46% compared with the Sensex's 2.3% fall. The scrip had also underperformed the market in past one quarter, declining 3.47% as against Sensex's 0.08% gain.

The large-cap company has equity capital of Rs 123.24 crore. Face value per share is Rs 2.

L&T said the EPC (engineering, procurement and construction) order from the Dedicated Freight Corridor Corporation of India (DFCCIL) involves construction of 626 kilometers (KM) of a double track corridor from Rewari in Haryana to Iqbalgarh in Gujarat, via Rajasthan, spanning three states. This is the country's largest project awarded so far in rail sector and the first of its kind in India, L&T said in a statement. This project will be funded by Japan International Cooperation Agency (JICA) and is part of the 1,490 KM Western corridor proposed between Dadri near Delhi and Jawaharlal Nehru Port Trust near Mumbai, L&T added. The project is expected to be completed in four years, L&T said.

The successful award of this design and build contract by DFCCIL will pave way for finalization of other DFCC packages which are in various stages of the bidding process, L&T said.

DFCCIL is a special purpose vehicle (SPV) of the Indian Railways, mandated to build dedicated freight corridors.

L&T's net profit declined 6.9% to Rs 1787.94 crore on 9.9% growth in net sales to Rs 20293.83 crore in Q4 March 2013 over Q4 March 2012.

L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate with global operations.

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