L&T gains after new order win

Larsen & Toubro rose 0.87% to Rs 1,354.45 at 12:55 IST on BSE after Larsen & Toubro Construction won orders worth Rs 1394 crore.

The announcement was made during market hours today, 27 August 2018.

Meanwhile, the S&P BSE Sensex was up 416.92 points, or 1.09% to 38,668.72

On the BSE, 1.13 lakh shares were traded in the counter so far compared with average daily volumes of 3.60 lakh shares in the past two weeks. The stock had hit a high of Rs 1,356.35 and a low of Rs 1,345.60 so far during the day. The stock hit a record high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 1,116.45 on 6 September 2017.

The Water & Effluent Treatment Business of L&T Construction has won an EPC order worth Rs 1394 crore from the Water Resources Department, Government of Madhya Pradesh for the execution of the Kundalia Irrigation Project - Right Bank.

The scope includes survey, investigation, design, procurement, construction and installing of pumping system, rising and gravity main line / branch lines / distribution network with control and automation system.

The board of directors of Larsen & Toubro (L&T) at its meeting held on 23 August 2018, has approved a proposal to buyback up to 6 crore equity shares of the company, being 4.29% of the total paid up equity share capital, at a maximum price of Rs 1,500 per equity share for an aggregate amount of Rs 9000 crore.

On a consolidated basis, net profit of Larsen & Toubro rose 43.15% to Rs 1472 crore on 18.78% rise in net sales to Rs 28283.45 crore in Q1 June 2018 over Q1 June 2017.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

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