L&T inches up on reports of JV winning $135 million stadium contract in Qatar

L&T rose 0.33% to Rs 1,472.80 at 11:05 IST on BSE on reports that the company in a joint venture has secured a contract to build a $135 million stadium for Qatar's 2022 World Cup football tournament.

Meanwhile, the BSE Sensex was up 81.03 points, or 0.3%, to 26,858.48

On BSE, so far 44,500 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 1,476.45 and a low of Rs 1,466 so far during the day. The stock hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past one month till 6 June 2016, rising 16.51% compared with 6.14% rise in the Sensex. The scrip also outperformed the market in past one quarter, advancing 22.98% as against Sensex's 8.65% rise.

The large-cap company has an equity capital of Rs 186.40 crore. Face value per share is Rs 2.

As per reports, L&T and Al Balagh Trading & Contracting's joint venture (JV) has been appointed the main contractor to build the 40,000-seater Al Rayyan stadium in Qatar. The proposed stadium will host games up to the quarterfinal of the FIFA World Cup in 2022 to be played in the Persian Gulf nation. The Al Rayyan stadium is slated to be completed by 2019, reports added.

Shares of L&T rose 0.49% to settle at Rs 1,468.10 yesterday, 6 June 2016, after the company announced that its construction division won orders worth Rs 2161 crore across various business segments.

Meanwhile, L&T after market hours on Friday, 3 June 2016, announced that it has agreed to sell its entire stake in L&T General Insurance Company (LTGI) to HDFC ERGO General Insurance Company (HDFC ERGO) for an aggregate consideration of Rs 551 crore. L&T General Insurance Company is a wholly-owned subsidiary of L&T. The share sale is part of L&T's strategy of exiting from its non-core activity.

L&T's consolidated net profit rose 18.6% to Rs 2453.64 crore on 17.6% rise in total income to Rs 33423.78 crore in Q4 March 2016 over Q4 March 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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