L&T gains as consortium wins order from ONGC

L&T rose 3.16% to Rs 727.05 at 14:46 IST on BSE after a consortium of the company and Pipavav Defence and Offshore Engineering Company bagged an order worth over $170 million from ONGC.

Meanwhile, the S&P BSE Sensex was up 342.19 points or 1.9% at 18,338.34.

On BSE, 2.65 lakh shares were traded in the counter as against average daily volume of 3.04 lakh shares in the past one quarter.

The stock hit a high of Rs 732.50 and a low of Rs 714.25 so far during the day. The stock had hit a 52-week low of Rs 678.10 on Wednesday, 28 August 2013. The stock had hit a 52-week high of Rs 1,146.34 on 29 October 2012.

The stock had underperformed the market over the past one month till 28 August 2013, sliding 16.66% compared with the Sensex's 8.87% fall. The scrip had also underperformed the market in past one quarter, declining 27.34% as against Sensex's 10.74% fall.

The large-cap company has equity capital of Rs 185.05 crore. Face value per share is Rs 2.

L&T's net profit declined 12.5% to Rs 756.03 crore on 5% growth in net sales to Rs 12555.06 crore in Q1 June 2013 over Q1 June 2012.

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

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