L&T rose 0.95% to Rs 1,744.65 at 14:35 IST on BSE after the company was awarded a contract valued at Rs 1432 crore by the Ministry of Defence for the design and construction of seven offshore patrol vessels for the Indian Coast Guard.
The announcement was made during trading hours today, 31 March 2015.
Meanwhile, the BSE Sensex was down 43.65 points, or 0.16% to 27,932.21.
On BSE, so far 89,103 shares were traded in the counter, compared with an average volume of 2.41 lakh shares in the past one quarter.
The stock hit high of Rs 1,746 and low of Rs 1,712.75 so far during the day. The stock hit a record high of Rs 1,892.95 on 4 March 2015. The stock hit a 52-week low of Rs 1,242.45 on 17 April 2014.
The stock had outperformed the market over the past one month till 30 March 2015, falling 2.19% compared with 4.72% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 15.34% as against Sensex's 2.09% rise.
The large-cap engineering and construction major has an equity capital of Rs 185.91 crore. Face value per share is Rs 2.
L&T said the contract is part of the government's initiative to strengthen India's coastal security. The first offshore patrol vessel (OPV) under the project is scheduled to be delivered within 36 months from signing of the contract. Subsequent OPVs shall be delivered in six months interval.
L&T is already executing defence ministry's contracts for design and construction of 54 fast interceptor boats (IBs) for the Indian Coast Guard (ICG). Twenty five IBs have already been delivered so far to ICG.
Separately, L&T earlier during market hours today, 31 March 2015, also announced that its construction division has secured orders worth Rs 2101 crore across various business segments in this month.
L&T's consolidated net profit rose 8.8% to Rs 866.54 crore on 9.5% rise in total income to Rs 24082.58 crore in Q3 December 2014 over Q2 September 2014.
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