L&T inches up on bargain hunting

L&T rose 0.71% to Rs 1057 at 15:14 IST on BSE, with the stock recovering on bargain hunting after 4-day 8.42% slide.

Meanwhile, the S&P BSE Sensex was down 58.76 points or 0.28% at 20,656.82.

On BSE, so far 1.73 lakh shares were traded in the counter as against average daily volume of 3.07 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.92% at the day's high of Rs 1069.75 so far during the day. The stock lost as much as 0.23% at the day's low of Rs 1047 so far during the day.

The stock had outperformed the market over the past one month till 13 December 2013, advancing 14.17% compared with the Sensex's 2.58% rise. The scrip had also outperformed the market in past one quarter, jumping 25.89% as against Sensex's 4.98% rise.

Shares of L&T had declined 8.42% in four trading sessions to settle at Rs 1,049.50 on Friday, 13 December 2013 from a recent high of Rs 1,146.10 on 9 December 2013.

L&T's net profit declined 14.1% to Rs 977.51 crore on 10% growth in net sales to Rs 14509.51 crore in Q2 September 2013 over Q2 September 2012.

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

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