L&T inches up after securing Pune smart city project

L&T rose 0.31% to Rs 1,353.60 at 12:22 IST on BSE after the company said it has been identified as the implementation partner by the government to convert Pune into a smart city.

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the BSE Sensex was down 140.09 points or 0.53% at 26,486.37.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 2.31 lakh shares in the past one quarter. The stock had hit a high of Rs 1,360 and a low of Rs 1,350 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,016.60 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, declining 2.4% compared with the Sensex's 0.1% fall. The scrip had also underperformed the market over the past one quarter sliding 5.75% as against the Sensex's 4.45% fall.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

The letter of intent for the Pune smart city project was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Construction's Smart World & Communication Business Unit, which will be executing the project. This unit offers end-to-end solutions comprising security solutions, communication network and telecom infrastructure and smart infrastructure as a master systems integrator in collaboration with other businesses within the L&T Group.

The Pune smart city project includes a revenue monetization model, the country's first in smart cities domain.

On a consolidated basis, L&T's net profit jumped 84.3% to Rs 1434.63 crore on 8.5% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a brand of L&T.

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