L&T gains after order win

L&T rose 0.27% to Rs 1,691 at 9:26 IST on BSE after the company said L&T Construction won Rs 5250 crore order from Kahramaa in Qatar.

The announcement was made before trading hours today, 10 April 2017.

Meanwhile, the S&P BSE Sensex was up 18.13 points, or 0.06% to 29,724.74.

On the BSE, 20,000 shares were traded in the counter so far, compared with average daily volumes of 1.54 lakh shares in the past one quarter. The stock had hit a high of Rs 1,713.65 and a low of Rs 1,680.50 so far during the day.

The stock hit a 52-week high of Rs 1,719.45 on 7 April 2017. The stock hit a 52-week low of Rs 1,181 on 8 April 2016.

The stock had outperformed the market over the past one month till 7 April 2017, rising 14.19% compared with 2.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.23% as against Sensex's 11.01% rise.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&T said the power transmission and distribution business of L&T Construction has won its single largest order in the Middle East from their esteemed customer 'Kahramaa' - Qatar General Electricity & Water Corporation - for its ongoing Qatar Electricity Transmission Network Expansion Plan-Phase XIII. Through this ambitious project, Kahramaa intends to expand the existing power transmission network to meet the ever-increasing demand for power due to the developmental works in Qatar.

The prestigious $817 million order will involve the engineering, procurement and construction of 30 new gas insulated substations of varying voltage levels of 220 kilovolt (kV), 132 kV and 66 kV and approximately 560 kilometre (km) of 132 kV and 66 kV underground cables under various definite and framework packages. The works of the project are spread all over the State of Qatar including both freshly developed as well as already developed areas. The project is scheduled for completion in phases from 15 to 32 months.

L&T's board at a meeting held on Friday, 7 April 2017, approved appointment of A. M. Naik as the Non-Executive Chairman of the company with effect from 1 October 2017 for a period of three years, immediately upon his retirement as the Executive Chairman on 30 September 2017. The board also approved appointment of S. N. Subrahmanyan as the Chief Executive Officer & Managing Director with effect from 1 July 2017. The announcement was made after market hours on Friday, 7 April 2017.

L&T's consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

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

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