L&T gains after new orders win

Larsen & Toubro rose 0.83% to Rs 1,733.45 at 14:27 IST on BSE after the company's metallurgical and material handling business secured new orders worth Rs 1507 crore across various verticals.

The announcement was made during market hours today, 22 June 2015.

Meanwhile, the BSE Sensex was up 394.53 points, or 1.44%, to 27,710.78

On BSE, so far 98,339 shares were traded in the counter, compared with an average volume of 1.86 lakh shares in the past one quarter.

The stock hit a high of Rs 1,735.30 and a low of Rs 1,717.10 so far during the day. The stock hit a 52-week high of Rs 1,892.95 on 4 March 2015. The stock hit a 52-week low of Rs 1,400 on 8 October 2014.

The stock had outperformed the market over the past one month till 19 June 2015, rising 6.18% compared with 1.19% fall in the Sensex. The scrip also outperformed the market in past one quarter, gaining 2.14% as against Sensex's 4.05% fall.

The large-cap company has equity capital of Rs 186.01 crore. Face value per share is Rs 2.

L&T-MMH (Metallurgical and Material Handling) won an engineering, procurement and construction (EPC) order from Emirates Global Aluminum (EGA) for its greenfield alumina refinery development project in Al Taweelah, Abu Dhabi, United Arab Emirates (UAE). The scope of the contract involves engineering, procurement, fabrication, erection and associated works for the tankages package, L&T said.

In the domestic arena, L&T-MMH won EPC orders from the SAIL for the installation of a slab caster, and suppressed combustion system along with replacement of basic oxygen furnace converter for modernization of its Steel Melt Shop at Bokaro.

L&T-MMH has also secured orders from its existing customers both in Steel & Material Handling Segment.

These orders are clear signs of improved business prospects in the sector L&T-MMH operates as well as reinforcing the premium position the company occupies in the domestic arena and increasing presence in the Gulf, L&T said.

L&T Metallurgical and Material Handling is a brand of L&T.

L&T's consolidated net profit fell 27.1% to Rs 2069.64 crore on 2.9% rise in total income to Rs 28401.85 crore in Q4 March 2015 over Q4 March 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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