L&T gains after order win

L&T rose 1.86% to Rs 1,548.90 at 10:28 IST on BSE after the company said its subsidiary won an order for building Adam Airbase in Oman.

The announcement was made during trading hours today, 18 September 2014.

Meanwhile, the BSE Sensex was up 254.13 points, or 0.95%, to 26,885.42.

On BSE, so far 78,000 shares were traded in the counter, compared with an average volume of 2.04 lakh shares in the past one quarter.

The stock hit a high of Rs 1,555 and a low of Rs 1,510.20 so far during the day. The stock hit a record high of Rs 1,774.70 on 9 June 2014. The stock hit a 52-week low of Rs 777.10 on 1 October 2013.

The stock had outperformed the market over the past one month till 17 September 2014, rising 2.64% compared with 2.02% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 9.73% as against Sensex's 4.35% rise.

The large-cap company has an equity capital of Rs 185.65 crore. Face value per share is Rs 2.

The buildings & factories business of L&T Oman LLC, a subsidiary of Larsen & Toubro (L&T), has won a prestigious order from the Ministry of Defense, Sultanate of Oman against stiff international competition for the construction of Adam Airbase in Al Dakhiliya Governorate, Sultanate of Oman, L&T said in a statement.

S.N. Subrahmanyan, Member of the Board and Sr. EVP (Infrastructure and Construction), L&T, said, "We have been gradually establishing our credentials in the Middle East and, especially in Oman, as a construction organization of calibre with the successful execution of many prestigious projects including the Salalah International Airport. This order that we have won is a reaffirmation of our capability to deliver projects of magnitude and high criticality with superior quality within stipulated timelines."

L&T's consolidated net profit jumped 110.8% to Rs 966.89 crore on 10.1% growth in net sales to Rs 18974.75 crore in Q1 June 2014 over Q1 June 2013.

L&T is a major Indian multinational in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide. L&T Construction is a brand of L&T.

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