L&T inches up after new order

L&T rose 0.63% to Rs 977.50 at 11:50 IST on BSE after the company said its transportation infrastructure business made a major breakthrough in its international business by securing a new order worth Rs 2085 crore in Oman.

The new order was announced during trading hours today, 17 July 2013.

Meanwhile, the S&P BSE Sensex was up 68.40 points or 0.34% at 19,919.63.

On BSE, 1 lakh shares were traded in the counter as against average daily volume of 2.23 lakh shares in the past one quarter.

The stock hit a high of Rs 987.90 and a low of Rs 975.60 so far during the day. The stock had hit a 52-week high of Rs 1,146.34 on 29 October 2012. The stock had hit a 52-week low of Rs 872 on 27 July 2012.

The stock had underperformed the market over the past one month till 16 July 2013, rising 1.16% compared with the Sensex's 3.51% gain. The scrip had also underperformed the market in past one quarter, rising 2.21% as against Sensex's 5.9% rally.

The large-cap company has equity capital of Rs 184.98 crore. Face value per share is Rs 2.

The transportation infrastructure business of L&T made a major breakthrough in its international business by securing a new order worth Rs 2085 crore from the Ministry of Transport and Communications, Sultanate of Oman, for the construction of the Al Batinah Expressway Package 4. The project is scheduled to be completed in 36 months. This order was won against stiff international competition and augers well for L&T's expansion in international infrastructure, the company said.

L&T's net profit declined 6.9% to Rs 1787.94 crore on 9.9% growth in net sales to Rs 20293.83 crore in Q4 March 2013 over Q4 March 2012.

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

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