L&T gains after construction arm wins new orders

L&T rose 0.94% to Rs 1,292 at 11:30 IST on BSE after the company said that its construction division, L&T Construction, won orders worth Rs 1178 crore across various businesses in December 2015.

The company made the announcement during market hours today, 23 December 2015.

Meanwhile, the S&P BSE Sensex was up 265.36 points or 1.04% at 25,856.01.

On BSE, so far 63,682 shares were traded in the counter as against average daily volume of 2.31 lakh shares in the past one quarter.

The stock hit a high of Rs 1,294.85 and a low of Rs 1,284 so far during the day. The stock had hit a record high of Rs 1,892.95 on 4 March 2015. The stock had hit a 52-week low of Rs 1,265.50 on 15 December 2015.

The stock had underperformed the market over the past one month till 22 December 2015, falling 6.31% compared with Sensex's 1.07% fall. The scrip had also underperformed the market in past one quarter, sliding 13.77% as against Sensex's 0.24% fall.

The large-cap company has equity capital of Rs 186.24 crore. Face value per share is Rs 2.

Separately, L&T announced after market hours yesterday, 22 December 2015, that its Smart World & Communications business vertical is leading the way to make Jaipur India's first Smart City by creating a host of smart solutions like Wi-Fi hotspots, citizen interactive information kiosks, surveillance cameras, environmental sensors, parking information systems and remote kiosks with facility management services at select locations in the city. L&T has received the mandate from Jaipur Development Authority (JDA), which is leading the initiative to equip Jaipur with world-class digital facilities targeted primarily at the heavy tourist traffic that the city attracts. The Jaipur Smart City project has been planned in two phases with Phase 1 aimed at transforming six major locations into smart zones in the next month and a half and the remaining locations to be completed in a total of 120 days along with an Operations & Maintenance contract for 5 years. In Phase 1, L&T is completing the work at six locations, including the famous Ajmer Fort.

L&T's consolidated net profit rose 15.6% to Rs 995.90 crore on 10.6% growth in net sales to Rs 23393.22 crore in Q2 September 2015 over Q2 September 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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