L&T gains in volatile trade as subsidiary enters agreement with Japan Steel Works

L&T rose 1.02% to Rs 1,560 at 11:19 IST on BSE after the company's subsidiary L&T Special Steels and Heavy Forgings entered into a technology transfer agreement with Japan Steel Works.

The company made the announcement during trading hours today, 27 May 2014.

Meanwhile, the BSE Sensex was down 223.45 points, or 0.9%, to 24,493.43

On BSE, so far 98,172 shares were traded in the counter, compared with an average volume of 2.68 lakh shares in the past one quarter.

The stock was volatile. The stock rose 1.47% at the day's high of Rs 1,567 so far during the day. The stock fell 1.38% as the day's low of Rs 1,522.80 so far during the day. The stock hit record high of Rs 1,622.70 on Monday, 26 May 2014. The stock hit a 52-week low of Rs 678.10 on 28 August 2013.

The stock had outperformed the market over the past one month till 26 May 2014, rising 14.32% compared with 8.94% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 40.82% as against Sensex's 17.77% rise.

The large-cap company has an equity capital of Rs 185.48 crore. Face value per share is Rs 2.

L&T said that its subsidiary L&T Special Steels and Heavy Forgings (LTSSHF) has entered into a five-year technology transfer agreement with The Japan Steel Works (JSW) which covers transfer of critical technology for steel melting and heavy forgings made from ingots weighing 200 MT, for hydrocarbon, thermal power, steel and cement sectors.

L&T declares its year ended 31 March 2014 results on Friday, 30 May 2014. L&T's net profit rose 10.6% to Rs 1240.70 crore on 11.8% growth in net sales to Rs 14387.51 crore in Q3 December 2013 over Q3 December 2012.

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

Powered by Capital Market - Live News