L&T gains after winning order

L&T rose 1.59% to Rs 1,624 at 9:19 IST on BSE after the company said that its subsidiary has secured an order worth Rs 5076 crore from Kuwait Oil Company.

The announcement was made after market hours on Monday, 14 July 2014.

Meanwhile, the BSE Sensex was up 167.42 points, or 0.67%, to 25,174.40.

On BSE, so far 11,000 shares were traded in the counter, compared with an average volume of 2.52 lakh shares in the past one quarter.

The stock hit a high of Rs 1,628.95 and a low of Rs 1,614.90 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 678.10 on 28 August 2013.

The stock had underperformed the market over the past one month till 14 July 2014, falling 5.17% compared with 0.88% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 23.28% as against Sensex's 10.51% rise.

The large-cap company has an equity capital of Rs 185.54 crore. Face value per share is Rs 2.

L&T said that its wholly-owned subsidiary dedicated to oil and gas -- L&T Hydrocarbon -- has secured an order worth Rs 5076 crore from Kuwait Oil Company (KOC). L&T Hydrocarbon will execute complete engineer-procure-construct contract for a gathering centre for KOC, a subsidiary of Kuwait Petroleum Corporation (KPC) and fully owned by the State of Kuwait. Located in North Kuwait, the oil gathering facilities will receive crude from the Raudhatain fields.

L&T's net profit surged 52.3% to Rs 2723.48 crore on 11.1% growth in net sales to Rs 20079.10 crore in Q4 March 2014 over Q4 March 2013.

L&T is a $14.3 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. L&T Construction is a brand of Larsen & Toubro.

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