L&T hits 52-week low on Middle East concerns

L&T fell 1.95% to Rs 1215.50 at 10:49 IST on BSE on concerns that the slowdown in the Middle East due to the crash in crude oil prices could affect the company's revenues.

Meanwhile, the BSE Sensex was down 357.57 points, or 1.41%, to 25,048.76.

On BSE, so far 1.12 lakh shares were traded in the counter, compared with an average volume of 2.15 lakh shares in the past one quarter. The stock hit a high of Rs 1,230 so far during the day. The stock hit a low of Rs 1,210 so far during the day, which is also a 52-week low for the counter. The stock hit a record high of Rs 1,892.95 on 4 March 2015. The stock had underperformed the market over the past one month till 6 January 2016, sliding 7.55% compared with 0.90% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.21% as against Sensex's 5.67% fall.

The large-cap company has an equity capital of Rs 186.24 crore. Face value per share is Rs 2.

According to reports, the Middle East region contributes about 25-30% to the L&T's international order book.

The consolidated order book for the L&T group rose 14% to Rs 244097 crore as at 30 September 2015 compared with order book as on 30 September 2014. International order book constituted 28% of the consolidated order book.

On a consolidated basis, L&T's net profit rose 15.6% to Rs 995.90 crore on 10.6% growth in net sales to Rs 23393.22 crore in Q2 September 2015 over Q2 September 2014.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide.

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