L&T gains after L&T Infotech files fresh papers with Sebi for IPO

L&T rose 1.93% to Rs 1,246.10 at 9:46 IST on BSE after the company said that its subsidiary Larsen & Toubro Infotech has filed papers with the stock market regulator to launch its initial public offer.

The announcement was made after market hours yesterday, 12 April 2016.

Meanwhile, the BSE Sensex was up 372.67 points, or 1.48%, to 25,518.26 .

On BSE, so far 35,000 shares were traded in the counter, compared with an average volume of 2.68 lakh shares in the past one quarter. The stock hit a high of Rs 1,248 and a low of Rs 1,234 so far during the day. The stock hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 April 2016, rising 3.10% compared with 1.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 3.64% as against Sensex's 1.88% rise.

The large-cap company has an equity capital of Rs 186.30 crore. Face value per share is Rs 2.

L&T said that its subsidiary Larsen & Toubro Infotech (L&T Infotech) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) yesterday, 12 April 2016, in order to undertake an initial public offer (IPO) of its equity shares of face value of Re 1 each. The offer comprises of an offer for sale (OFS) of up to 1.75 crore equity shares by L&T.

L&T Infotech refiled DRHP a day after they were withdrawn.

L&T's consolidated net profit rose 19.4% to Rs 1034.80 crore on 7.6% growth in net sales to Rs 25387.15 crore in Q3 December 2015 over Q3 December 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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