L&T gains on commissioning world's largest solar photovoltaic plant

L&T rose 0.93% to Rs 1,591.35 at 13:15 IST on BSE after the company said its construction division recently commissioned the world's largest solar photovoltaic plant of 7.52 MWp on a single roof at Amritsar in Punjab.

The announcement was made during market hours today, 3 September 2014.

Meanwhile, the BSE Sensex was up 143.34 points or 0.57% at 27,172.17.

On BSE, so far 1.96 lakh shares were traded in the counter, compared with an average volume of 2.14 lakh shares in the past one quarter.

The stock hit a high of Rs 1,605 and a low of Rs 1,579.45 o 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 687.60 on 4 September 2013.

The stock has outperformed the market over the past one month till 2 September 2014, rising 7.12% compared with 6.04% rise in the Sensex. However, the scrip underperformed the market in past one quarter, sliding 4.17% as against Sensex's 9.46% rise.

India's largest engineering and construction company by sales has an equity capital of Rs 185.65 crore. Face value per share is Rs 2.

The energy generated from this plant is being fed to the local grid through a power purchase agreement (PPA) signed with the state distribution company under the New and Renewable Sources of Energy (NRSE) policy, company said in a statement.

L&T's consolidated net profit rose 110.8% to Rs 966.89 crore on 11.4% rise in total income to Rs 19501.07 crore in Q1 June 2014 over Q1 June 2013.

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