L&T gains after setting record date for bonus issue

The company made the announcement after market hours on 3 July 2013.

Meanwhile, the S&P BSE Sensex was 190.96 points, or 1%, to 19,368.72.

On BSE, 76,000 shares were traded in the counter as against an average daily volume of 2.23 lakh shares in the past one quarter.

The stock hit a high of Rs 1,429 and a low of Rs 1,404.90 so far during the day. The stock had hit a 52-week low of Rs 1,308 on 27 July 2012. The stock had hit a 52-week high of Rs 1,719.50 on 29 October 2012.

The stock had outperformed the market over the past one month till 3 July 2013, rising 0.37% compared with the Sensex's 2.21% fall. The scrip had, however, underperformed the market in past one quarter, rising 0.95% as against Sensex's 2% rise.

The large-cap company has equity capital of Rs 123.24 crore. Face value per share is Rs 2.

To commemorate the occasion of the platinum jubilee of the company, L&T's board in its meeting held on 22 May 2013, recommended issuing bonus shares in the ratio of 1:2 (i.e. one bonus equity share each for every two held).

Shareholders of L&T, through a postal ballot process on 3 July 2013, approved the proposal of issuing bonus shares.

L&T's net profit declined 6.9% to Rs 1787.94 crore on 9.9% growth in net sales to Rs 20293.83 crore in Q4 March 2013 over Q4 March 2012.

L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate with global operations.

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