L&T gains after construction arm wins orders

L&T rose 0.27% to Rs 1,340.50 at 14:04 IST on BSE after the company said its construction arm won orders worth Rs 3039 crore across its various business segments.

The announcement was made during trading hours today, 26 December 2016.

Meanwhile, the BSE Sensex was down 158.26 points, or 0.61%, to 25,882.44.

On the BSE, so far 53,000 shares were traded in the counter, compared with average daily volumes of 2.33 lakh shares in the past one quarter. The stock had hit a high of Rs 1,342 and a low of Rs 1,319.50 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 23 December 2016, falling 1.15% compared with the 0.70% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 10.68% as against Sensex's 9.17% decline.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

L&T said that under its construction arm, the water & effluent treatment business segment won orders worth Rs 1422 crore. The power transmission & distribution business segment secured major orders worth Rs 1036 crore. The heavy civil infrastructure business segment won an order worth Rs 359 crore. The metallurgical and material handling business segment bagged an order worth Rs 222 crore.

On a consolidated basis, L&T's net profit jumped 84.31% to Rs 1434.63 crore on 8.48% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a brand of L&T.

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